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China Sports requests for trading suspension
CHINA Sports International Limited on Monday requested for a trading suspension after calling for a trading halt last week.
In a bourse filing before trading opened, the mainboard-listed firm said it has requested for a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".
On Nov 27, the investment holding company, which designs, manufactures, and sells sports fashion footwear as part of its business, called for a trading halt that expired on Nov 29.
China Sports has yet to begin its annual audit almost five months after its fiscal year-end on June 30, and its independent directors have not been able to ascertain the company's state of affairs.
A cash audit has not commenced either as the company chief executive Lin Shaoxiong was on a business trip in Suzhou to discuss with local authorities on its refundable deposit on a piece of land which the company had placed, and "left urgently without informing anyone that auditors (are) in Jinjiang to perform cash audit", the company said on Nov 29 in response to queries from the Singapore Exchange.
It added that a financial controller will join the firm on Dec 6 after serving her notice with the current company.
A non-executive director has also indicated that he will join the board on the second week of December once the board approves his appointment.