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Oriental Group in talks with potential investors
THE judicial manager of Catalist-listed Oriental Group said that the company is currently in discussions with potential investors.
However, if talks cease, the company will be unable to justify an application for a further extension of the Judicial Management Order and the judicial manager will file an application to wind up the company, the judicial manager said in a filing to the Singapore Exchange (SGX) on Thursday.
It expects to receive further clarity on the potential investments before the third week of February.
Trading in the company's shares has been suspended.
In June last year, SGX admonished Oriental Group, as well as eight connected individuals - a current director, six past directors including its former chairman and chief executive officer, and a former group financial controller - for misconduct in relation to three fundraising activities and unauthorised transactions.
The reprimand came after several breaches of listing rules by the company and the individuals, including misleading and inaccurate announcements on the fundraising exercises, unauthorised corporate guarantees extended in favour of interested persons and/or unauthorised interested person transactions.