China Sky to appoint Baker Tilly as auditor
Earliest trading can resume is Feb 2014; shareholders put new share issue on hold
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SHAREHOLDERS of suspended China Sky Chemical Fibre Co received long-sought after guidance on the company's operations and listing status, but remained cautious about management by withholding authority to issue new shares at a general meeting yesterday.
China Sky stock has been suspended since November 2011, when the maker of nylon products was directed by Singapore Exchange (SGX) to appoint a special auditor amid questions about a botched land acquisition in Fujian province, other acquisitions and a number of accounting line items.
After initially resisting the SGX directive, China Sky has since completed a special audit - which found severe lapses in corporate governance - and is now taking additional steps towards resuming trading. Shareholders yesterday approved the appointment of Baker Tilly TFW as auditor after previous auditor Deloitte & Touche resigned, and the company will work on auditing and reporting its financial results for fiscal 2011 through 2013.
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