Camsing Healthcare to appoint independent firm by Dec 1; shares remain suspended

CAMSING Healthcare shares will remain suspended as the company works to meet conditions in three notices of compliance, including one regarding the appointing of an independent firm by Dec 1 to conduct an independent review, the company's audit committee said on Monday.

Camsing published a summary of a special audit report by RSM Corporate Advisory on Sept 1, which listed numerous internal control lapses and potential breaches of the listing rules, and recommended that the board and audit committee "reassess the adequacy and effectiveness of the internal audit function, and consider the need to entrust the internal audit function to external professionals".

The audit committee noted that the Singapore Exchange Regulation's (SGX RegCo) Notice of Compliance issued the same day requires Camsing to appoint an independent firm to undertake an independent review of internal controls and governance practices, and to address and implement RSM's recommendations.

The trading suspension will continue until Camsing has fulfilled this and other conditions laid out by SGX RegCo, and submits a trading resumption proposal that receives no objections from SGX RegCo.