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Liquidators named for closing of SK Jewellery bullion unit

CATALIST-LISTED SK Jewellery Group’s dormant, loss-making bullion unit was put into liquidation after shareholder and creditor meetings on Friday, the board has disclosed.

Lim Soh Yeh and Lynn Ong of Acutus Advisory have been appointed as the liquidators for the creditors’ voluntary liquidation process involving 70 per cent-owned SK Bullion.

SK Jewellery has said that the liquidation of SK Bullion is not expected to have a material impact on the net tangible assets or earnings per share of the group for the year to Dec 31.

SK Bullion generated a post-tax loss of S$1.09 million for the year to Dec 31, 2018 and had a net tangible liability position of about S$700,000 as at that date.

The group’s board said in May that it decided to shutter the business amid issues such as weak market sentiment and increasing compliance costs in its bullion operations.

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