Rich Capital drops PrimePartners as continuing sponsor

PROPERTY developer Rich Capital Holdings on Thursday said PrimePartners Corporate Finance will no longer be its continuing sponsor from Nov 1.

In a bourse filing, the Catalist-listed company said the decision was made "after deliberations and for commercial reasons". It had on Oct 1 issued a written notice to terminate the agreement with PrimePartners.

Rich Capital added that it has commenced the process of selecting a new continuing sponsor and will provide an update to shareholders when one is engaged.

Separately, last month, the company said it will commission an independent review to protect its investments in joint venture Oxley Karya Indo Batam and to look into the possibility of potential breaches of regulations and listing rules.

Trading in shares of Rich Capital has been suspended since June 2019.