SunMoon Food suspends trading in its shares
FRUIT and seafood distributor SunMoon Food Company on Thursday requested its trading halt be converted into a voluntary suspension.
The mainboard-listed company said it needs more time to prepare an announcement to update its shareholders in relation to its parent's voluntary bankruptcy reorganisation.
SunMoon disclosed on Monday that three entities - Shanghai Yiguo E-Commerce, Shanghai Winchain Supply Chain Management and Shanghai Exfresh Logistic - had been placed under voluntary bankruptcy reorganisation under Chinese law on July 30.
Shanghai Yiguo E-Commerce is the ultimate holding company of Yiguo General Food Pte Ltd, which in turn holds a 59.9 per cent stake in SunMoon.
The Singapore-listed firm's total accounts receivable amounted to about S$13.2 million, including some S$12.4 million of accounts receivable from the three Yiguo entities.
The deadline to file the creditors' proof of debt in respect of the bankruptcy reorganisation is Oct 19.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
SunMoon's board on Monday also flagged a going concern issue in view of the reorganisation, and said it might raise funds from investors.
After the announcement, SunMoon shares fell 22.5 per cent to 3.1 Singapore cents, until the company called for a trading halt at 1.41pm on Monday.
Under listing rules, a trading halt cannot exceed three market days or a short extension if the Singapore Exchange agrees to one.
Accordingly, SunMoon's halt should cease before the end of the midday break at 1pm on Thursday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built
UMS Holdings Q1 net profit drops 44% to S$9.8 million
SIA Engineering H2 profit rises 11.5% to S$37.8 million on robust aviation MRO demand
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share