First Sponsor faces legal action over Dongguan residential units, says financial impact minimal

SGX Filings

3 hours ago

First Sponsor Group Limited (ADN) said a bank in Dongguan has lodged a legal caveat against 122 residential units in the Humen Oasis Mansion Project and has started legal proceedings that challenge the validity of the units’ acquisition by three of the company’s subsidiaries.

The subsidiaries bought the units in 2023 and 2024, with legal titles issued in late 2025. The properties are recorded as completed properties for sale with a carrying value of about 30.9 million Singapore dollars as of Dec, 31 2025 in the group’s unaudited financial statements.

Independent legal advice obtained by the group concludes that the bank’s claims are “highly unlikely” to succeed under current Chinese laws. First Sponsor said it will vigorously defend the case.

No provision has been made in the 2025 unaudited accounts, and the company does not expect the proceedings to materially affect its earnings per share or net tangible assets per share for the financial year ending Dec, 31 2026.

First Sponsor added that it will issue further updates in line with Singapore Exchange requirements and advised shareholders and investors to exercise caution.

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