Ace Achieve suspends trading, says it's unable to assess financial position

Singapore

ACE Achieve Infocom requested trading of its shares to be voluntarily suspended before market open on Friday, as it was "unable to reasonably assess its financial position and inform the market" - just a day after announcing plans to acquire a 36 per cent stake in a blockchain business for S$1.9 million, and borrow S$500,000 to complete its audit for financial year 2018.

In the exchange filing on Friday, the Beijing-headquartered telecommunications company now says it will make the relevant announcement on its unaudited results for the full year ended April 30, 2018, and request for trading of its shares to resume "in due course".

Earlier on, Ace Achieve had announced that it had entered into a memorandum of understanding to buy the stake in GT Dollar Pte Ltd, which offers and operates online trading and payment solutions that adopt blockchain technology, among others.

The company also said it is taking a concurrent US$500,000 loan from the seller of that stake to fund the cost and expenses required to complete its audit and convene its shareholders' meeting thereafter.

Ace Achieve is looking to announce its FY2018 results by end-November. The company also expects to complete the audit for FY2018 by end-January 2019 and to hold its shareholders' meeting by end-February 2019.

Previously in July, Ace Achieve had said it would aim to release its fiscal 2018 results before Aug 31, and conduct its annual general meeting before Oct 31, after SGX rejected the company's application for more time to announce its results and to hold the shareholders' meeting.

Two of the company's three independent directors later quit in August, citing delays in the company's annual audit and a lack of information from management.

The company's shares closed unchanged at S$0.008 on Thurs-day.