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China Sun Bio-Chem applies for delisting from SGX
CHINA Sun Bio-Chem Technology Group Company, which director Cosimo Borrelli has described as being "hopelessly insolvent", has applied to be delisted from the Singapore Exchange (SGX).
The mainboard-listed company, which manufactures corn starch and related products, on Thursday referred to earlier announcements it had made, which said the company has been incurring substantial losses since the discharge of its former provisional liquidators in August 2011. It said its financial and operational position has not improved since then.
"Since the discharge of the former provisional liquidators ... the group has been incurring substantial losses and has had no viable assets or business and limited funds to continue its business operations or as a listed company on SGX," Mr Borrelli said in the board's announcement on Thursday.
He added that there is no prospect of a corporate rescue or restructuring or sale of the company's business, and that the company does not have any financial resources to propose any exit offer to its shareholders.
In these circumstances, Mr Borrelli said, the board has led China Sun Bio-Chem Technology Group to apply to the SGX for a delisting, and it is currently awaiting SGX's approval of this delisting application.