KLW seeks trading suspension as it fails to name new sponsor

CATALIST-LISTED KLW Holdings has requested suspension of trading of its shares as it has failed to appoint a new sponsor in time following the end of the term of its previous sponsor, SAC Capital, on Dec 31, 2015.

In a filing to Singapore Exchange (SGX) on Monday morning, the doormaker said the incoming continuing sponsor has not completed its due diligence.

Under SGX rules, the company may be removed from the Catalist board if it does not have a sponsor by March 31, 2016.

KLW is currently under investigation by the Commercial Affairs Department for an offence under the Securities and Futures Act. A special auditor had found apparent lapses in the firm's internal controls and potential breaches of disclosure rules in November.