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SGX suspends trading in YuuZoo shares with immediate effect over auditors' inability to give opinion
THE Singapore Exchange (SGX) suspended trading in YuuZoo Corporation shares on Monday, after certain items in the online media company's financial statements could not be verified by auditors.
YuuZoo had been slapped with a notice of compliance two weeks prior, and was required to disclose its statutory auditors' opinion on "the veracity and reasonableness" of those items.
But on Monday - the deadline for disclosure - the auditors told both the company and the SGX that they were unable to obtain "sufficient appropriate audit evidence" needed to give their opinion.
At issue in the statements, for the year to Dec 31, 2017, were YuuZoo's "other income" of S$8 million, as well as a balance of assets available for sale of S$54.2 million and corresponding revenue of S$38.4 million.
SGX said in its after-market announcement: "The suspension will be lifted when the exchange is satisfied that the shares of the company can be traded on a fair, orderly and transparent basis."
YuuZoo closed flat at 3.8 Singapore cents, before the suspension took effect.