Hu An Cable says liquidation process hindered by insufficient funds

MAINBOARD-LISTED Hu An Cable Holdings said in a bourse filing on Tuesday (Nov 9) that it is considering how to raise funds for its liquidation.

In response to queries by the Singapore Exchange (SGX) on why the board has not found a liquidator for the past 3 months since August, Hu An Cable said it had obtained fee proposals from a law firm and liquidator in relation to the winding up and delisting of the company.

"However, the company is currently constrained as it does not have sufficient funds for the payment of the professional fees and the other costs of the liquidation," it said. "This difficulty is compounded by the impending delisting of the company."

Hu An Cable added the board will endeavour to appoint the liquidation professionals by Dec 31. "This takes into account the fund-raising efforts that the board will have to undertake prior to the appointment of these professionals," it said.

Trading of shares in Hu An Cable had been suspended since December 2018.