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Fujian Zhenyun requests trading suspension, citing delay in finalising accounts
INDEPENDENT directors (IDs) of Chinese pipe maker Fujian Zhenyun Plastics Industry have requested that the stock be suspended from trading.
This is because of uncertainties surrounding the company's current state of affairs, said lead ID Lim Cheng Kee and ID Steve Kek Sin Shen in an announcement on Friday evening.
The company has encountered operational issues resulting in a delay in finalising its accounts, they said. As a result, the company's external auditor, Foo Kon Tan Grant Thornton LLP, was unable to proceed with its planned interim audit.
"The IDs have initiated an internal inquiry into this matter and will update shareholders as and when appropriate," they said.
Fujian Zhenyun last traded at 14.9 Singapore cents before trading was halted on Dec 23.
The company makes plastic pipes and fittings for water distribution, communications, gas and electrical cable piping systems. Its last reported net asset value per share was about S$1.29.