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Jawala Inc voluntarily suspends trading of its shares
JAWALA Inc has voluntarily suspended the trading of its shares as it requires more time to seek clarification from the authorities and regulators in Malaysia in relation to the suspension of its subsidiary's main bank accounts.
In an earlier filing to the Singapore Exchange (SGX) on Nov 7, the company said that it had been verbally informed by the officer-in-charge at CIMB Bank Berhad and Public Bank Berhad that its subsidiary Jawala Plantation Industries' (JPI) main bank accounts have been suspended by the authorities with effect from Nov 5. It called for a trading halt on the morning of Nov 8, before trading commenced.
In a separate filing to SGX on Nov 12, it said: "The operations of JPI are continuing as per normal currently as other unaffected bank accounts for the group could be utilised in the interim to facilitate payment to suppliers and receipt from customers."
Jawala also said that it would make an announcement when material updates are available, and request for trading to resume in due course.