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SUNMOON Food Company on Wednesday requested that its trading halt introduced two days earlier to be converted to a voluntary suspension.
This is because its largest shareholder First Alverstone Capital - which holds 29.71 per cent of SunMoon - is responding to queries from the Securities Industry Council regarding the notifications on the change of shareholding interests the firm and two individuals Gary Loh Hock Chuan and Selena Cheng Koh Min had filed on Sept 21.
There is still no certainty as to when the queries will conclude, said SunMoon. Given that the unknown outcome of the queries will create market speculations and will not be in the interests of SunMoon and its shareholders, and that a trading halt cannot exceed three market days under exchange rules, the company has thus requested voluntary suspension of the counter.
SunMoon said that it will keep shareholders informed of any further development and will make further announcements as and when appropriate.