Ace Achieve suspends trading, says unable to assess financial position

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".

The request comes just a day after the company announced plans to acquire a 36 per cent stake in a blockchain business for S$1.9 million, and take a concurrent S$500,000 loan from the seller of that stake to fund the cost and expenses required to complete its audit for financial year 2018 and convene the annual general meeting for FY2018.

In the exchange filing on Friday, 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". 

The company's shares closed unchanged at S$0.008 on Thursday.