China Stationery Faces Suspension, Directors On The Run.

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China Stationery Faces Suspension, Directors On The Run.

 news 2017-11-28 at 11:59:32 am Views: 232
  • #49491

    China Stationery Faces Suspension, Directors On The Run.
    By Adela Megan Willy.

    Image result for China Stationery

    KUALA LUMPUR (Nov 27): China Stationery Ltd (CSL), whose share trade will be suspended next Tuesday, said it will not be able to release its financial results for the third quarter ending Sept 30, 2017 (3QFY17) by Nov 30.

    The company told Bursa Malaysia it has not been able to contact its two remaining directors, namely Chan Fung @ Kwan Wing Yin and his son Angus Kwan Chun Jut; hence no board meeting was held to approve its 3QFY17 results.

    According to CSL's Annual Report 2016, Chan is the company's chief executive officer and chairman, while Kwan is its executive director. On Nov 1, CSL announced Kwan had resigned, and that his resignation would take effect on Dec 18. Chan is the company's single largest shareholder with an 18.84% stake as at March 31 this year, while Kwan had an indirect 18.69% stake.

    The company has also been unable to obtain confirmations from third parties — including bankers, debtors, creditors, and courts, among others — to verify all litigation cases involving its subsidiaries in China.

    Further, it said it has not been able to undertake the necessary assessment on the impact of the litigations to CSL's financial statements and its operations without the issuance of legal opinion report by Zhi Jun Law Firm of Fujian.

    Hence, it is unable to ascertain the target date to issue and release its 3QFY17 results to Bursa Securities, it added.

    Earlier today, CSL affirmed that trading of its shares would be suspended on Tuesday, Dec 5.

    It said it had received a notice from Bursa Malaysia on the suspension after failing to announce the steps it would take to assess and verify the material litigations involving its subsidiaries and to ascertain their impact on the company, among others, by Nov 24 (last Friday).

    It was also supposed to take steps to verify its existing cash, bank balances, trade, other receivables and revenue, besides getting an auditor to review some RMB146.2 million worth of advertisement expenses for FY16, by that same date.

    CSL shares fell 20% to close at 2 sen today, valuing the company at RM24.66 million.
    http://www.theedgemarkets.com/article/china-stationery-says-3q-results-hold-while-2-remaining-directors-could-not-be-reached

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