Thursday, September 23, 2010

Jurong Tech delisting

SGX rejected Jurong Tech's appeal for postponing of its delisting on 30 Sep 2010.

Jurong Tech was ordered to delist after it bust the deadline on Sep 8 to submit a resumption proposal to the exchange. The shares of Jurong Tech have been suspended from trading since Jan 2009. The resumption proposal would have highlighted a plan that would involve a new business for the company.

From CNA:
JTIC has been under judicial management since February 2009, after at least seven banks demanded repayment of more than $200 million in loans. The judicial managers have since found 'questionable' accounting and business practices at the company that would significantly affect its finances, and have forwarded their findings to the regulatory authorities. Among these are findings that JTIC was carrying more than $100 million in doubtful or non-existent assets on its balance sheet months before it went into judicial management, which allowed the company to report a respectable financial position for the quarter to Sept 30, 2008. It is now known that the company was by then technically insolvent.

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