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Investor withdraws from CNA Group's proposed transfer to Catalist

THE judicial managers of CNA Group on Wednesday said that it has amended and restated an implementation agreement for the proposed transfer of the company's listing status, due to a withdrawal by one of CNA's investors, Lye Siang Long. The company's shares have been suspended from trading.

The agreement was initially signed on July 13 among five parties - Treasure Capital Group, Lee Chee Fui, Liew Chie Chung, Bong Siak Kee and Mr Lye.

The judicial managers, who are from Deloitte & Touche LLP, said: "The restated agreement is on substantially the same terms as the earlier agreement and the commercial intent of the contracting parties to work towards effecting the transfer remains unchanged."

The July 13 agreement sets out the terms for the proposed transfer of CNA's listing status to a listing entity to be incorporated by the investors by way of a scheme of arrangement, the managers said in an filing with the Singapore Exchange (SGX) on July 14.

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The transfer to Catalist - the sponsor-supervised board of the SGX, if successful, will offer better returns for shareholders and creditors compared to liquidating the company.