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YuuZoo to perform support functions from Bangkok
MAINBOARD-LISTED YuuZoo Networks Group Corporation (YuuZoo) said in a regulatory filing on Monday morning that it has set up a new corporate support centre in Bangkok to take over the functions previously provided from Singapore by YuuZooNow Pte Ltd, which closed its Singapore office in March 2019.
YuuZoo, a social commerce company whose shares are currently suspended amid investigations into its finances, said that YuuZooNow is not its subsidiary. YuuZooNow is instead a subsidiary of British Virgin Islands-registered YuuZoo Corp, which the company says is a different legal entity with a different board.
This is the first time that YuuZoo has said that YuuZoo Corp is a different company. The company listed on the Singapore Exchange in 2014 through a reverse takeover of W Corp as YuuZoo Corp. In 2018, YuuZoo Corp changed its name to the current YuuZoo Networks Group Corp and completed a restructuring to continue the company as a British Virgin Islands-incorporated business.
When YuuZoo disclosed the closing of its Singapore businesses in March this year, the company described the closed entities as its "Singapore-based subsidiaries".
Before 2018, Singapore was YuuZoo's headquarters. In 2018, the company said it had set up a new South-east Asian headquarters for sales in Thailand, but left Singapore as its headquarters for support functions.
YuuZoo said that the group will deal with the responsibilities linked to the closure of the Singapore office of YuuZooNow Pte Ltd as soon as SGX lifts the share trading suspension and allows the company to function normally.
The new Bangkok support centre will provide accounting, technology, legal, human resource and administrative support.