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Design Studio CFO resigns as group makes plans to restructure
DESIGN Studio Group, which intends to undergo a court-supervised restructuring, said on Thursday that its chief financial officer (CFO) Lilian Tan Yin Yen has resigned.
Ms Tan's notice period expires in mid-April 2020, the company said. Design Studio will search for a suitable candidate for her replacement with the intention of making an appointment before mid-April.
The watch-listed group, which does kitchen and wardrobe designs for residential and hotel projects, made an application to the High Court in Singapore on Jan 20 for a six-month moratorium as it seeks to undergo a court-supervised process to reorganise its liabilities. It applied with five of its Singapore-incorporated subsidiaries.
Design Studio also said that three of its Malaysia-incorporated subsidiaries have applied to High Courts in Malaysia to be placed under judicial management.
The group recorded an unaudited loss of S$35.1 million for the nine-month period ended Sept 30, 2019, and an audited loss of S$26.4 million for the financial year ended Dec 31, 2018.
As at Sept 30, 2019, the group's net current assets stood at S$7.7 million. Its net assets amounted to S$29.6 million.
Trading in Design Studio's shares has been suspended since Jan 20.