Axington, linked to Loh’s cousins, now a treasury firm liable to delisting, Corporations and Markets Information
SINGAPORE (THE BUSINESS TIMES) – Catalonian-listed Axington linked to scandal-stricken Loh cousins is now a treasury firm and faces the chance of being delisted if it doesn’t purchase a brand new enterprise in a one yr delay.
This comes after the corporate notified Singapore Change Securities Buying and selling (SGX-ST) on April 1 of its standing as a treasury firm beneath Catalist itemizing guidelines, on condition that it at the moment has no “income-generating exercise. “, based on an alternate file. Tuesday (April 6).
Axington additionally famous that it has till August 30 to submit a takeover proposal, as buying and selling in its shares has been suspended since August 31, 2020. Failure to adjust to this directive would additionally end in delisting.
“The corporate needs to remind shareholders that there might be no assurance that SGX-ST will resume buying and selling within the shares or that the corporate will have the ability to purchase a enterprise that meets SGX-ST’s necessities for re-listing throughout the prescribed time-frame. .by the SGX-ST, ”mentioned Axington.
The Malaysian-incorporated firm mentioned it was approved to take action, beneath guidelines set by the Labuan Monetary Providers Authority.
A former skilled companies group, Axington was mired in hassle after Singaporean businessmen and cousins Nelson Loh and Terence Loh purchased the corporate in July of final yr.
Cousins Loh made the information in August with a £ 280million ($ 518million) bid for Newcastle United. The provide was made as a part of the Bellagraph Nova group, which they based with Chinese language entrepreneur Evangeline Shen.
However their plan shortly fell aside when the media revealed how they’d used doctored photographs that purported to indicate they rubbed shoulders with outstanding figures like former US President Barack Obama in Paris.
Companies linked to the Loh cousins got here beneath scrutiny afterwards.
In August, police opened an investigation into Novena International Healthcare Group (NGH), co-founded by Loh’s cousins and integrated within the Cayman Islands, for allegedly utilizing an accounting agency’s unauthorized signatures on its monetary statements.
Because the police investigation and scandal persecuted the Loh cousins and their enterprise community, they determined in October to legally separate all of their enterprise pursuits. Amid rising unrest, Mr. Nelson Loh is claimed to have left Singapore for China.
In December, NGH was ordered to be liquidated after failing to pay greater than $ 14 million in debt to DBS Financial institution. Mr. Nelson Loh, who acted as guarantor for the mortgage, has since been declared bankrupt. Mr. Terence Loh is dealing with chapter proceedings for $ 3 million owed to Maybank.
Final month, a series of medico-aesthetic clinics, Novu Aesthetics, run by a subsidiary of NGH, shut down all of its shops, leaving clients in embarrassment.
• With further data from The Straits Occasions