The auditor expressed a qualified opinion on NRF’s interim financial statements for the third quarter of 2024 because the auditor was unable to obtain sufficient, appropriate audit evidence regarding the fair value measurement of the shares, both those settled by the buyer from the sale of the Group’s investment in a subsidiary and those originally held by the Group from the adjustment in value of the investment in the shares of the buyer at the same share price. The auditor has not been able to obtain sufficient and appropriate evidence to verify the gain on sale of the investment in the subsidiary and the gain on changes in the value of the investment in the shares of the buyer.

The SEC therefore notified NRF to cooperate with the auditor in reviewing such interim financial statements and to rectify the interim financial statements. NRF must submit to the SEC and publicly disclose the rectified and reviewed interim financial statements and related reports via the SETLink Electronic System by 20 January 2025.