China Sunsine Chemical calls for trading halt

CHINA Sunsine Chemical requested a trading halt during the midday break on Tuesday, pending the release of an announcement.

Shares of the mainboard-listed specialty chemicals producer were up one Singapore cent or 0.9 per cent to S$1.09 at the midday break.

Last month, China Sunsine proposed a share split of every ordinary share in the company to two shares. It had an issued and paid-up share capital of S$65.2 million comprising 491.7 million shares, including 3.5 million treasury shares, as at Sept 20. With the split, an additional 491.7 million shares will be issued.

The stock split will improve the liquidity of its shares, given the lower share price, and also broaden its shareholder base, China Sunsine said in the filing. The proposal will need to be approved by the Singapore Exchange and by shareholders via an extraordinary general meeting.

Separately, the company last week appointed Yan Tangfeng as an independent director. Mr Yan, 49, is currently the president of Sinolion Holdings Pte Ltd, responsible for investment management and business operations. He held 0.19 per cent of ordinary shares in China Sunsine as at Sept 26.