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YuuZoo asks for its trading suspension to be lifted
SOCIAL commerce player YuuZoo Networks Group has made a second request to have its share trading suspension lifted, the company said in a regulatory filing on Thursday.
Trading of the company's shares on the mainboard was suspended from March 19 last year. But YuuZoo said in the statement that it believes continuing to keep the suspension in place is "unjustified and deeply damaging" to its shareholders, and has therefore asked the Singapore Exchange Regulation (SGX RegCo) to lift the trading suspension imposed 16 months ago.
The company said that SGX RegCo had informed it that the trading ban would be lifted when "the exchange is satisfied that the shares of the company can be traded on a fair, orderly and transparent basis". YuuZoo claimed that it has provided the market all the information SGX RegCo has asked for, and "shareholders can trade on a fair, orderly and transparent basis".
The company has further informed SGX RegCo that if the bourse regulator believes there is any information that could impact the value of YuuZoo shares which has not been disclosed to the market, it requests the regulator to state the information the company still needs to provide.
"YNG Corp will then immediately provide that information to SGX RegCo and to the investing public," the statement said.
YuuZoo had said in June that the trading ban by SGX has resulted in the company facing "major challenges in moving forward" with a massive project in Harbin, China, but it had managed to "raise funds to go ahead".
In March, the company closed all its Singapore-based subsidiaries and terminated all its Singapore-based employees, a move it said was a direct consequence of its trading suspension.
The company blamed the share suspension, police investigation and other issues for its woes.
YuuZoo shares, once worth more than 70 Singapore cents apiece, last traded at 3.8 cents prior to the trading suspension, after auditors were unable to give their opinion on the veracity of financial statements for the year to Dec 31, 2017.
When the audited results for that period were eventually released in September 2018, they showed a 12-month net loss of S$101 million, against a net profit of S$2.29 million that the company had reported. Audited revenue was S$18 million, against the unaudited figure of S$62.2 million.