SINGAPORE: The chairman and acting CEO of Epicentre Holdings Lim Tiong Hian has been uncontactable since last Friday , the company said in a Singapore Exchange filing on Thursday.
The electronics retailer also announced that it will not proceed with a proposed placement of up to 79.7 million new ordinary shares."Mr Lim Tiong Hian, Executive Chairman and acting Chief Executive Officer of the company, who has been key and instrumental to the proposed placement, has been uncontactable since May 24, 2019," it said in an update following a trading halt.
It also revealed in the statement that it received statutory demands on May 21 and May 27 from three creditors to settle its debts. The firm said it was seeking legal advice and"assessing the potential impact" on the group.The company is trying to come up with a"workout plan to facilitate repayment to creditors", it said.
"This potentially raises issues in terms of the group's and the company's ability to continue as a going concern," it added.The company was queried by the Singapore Exchange on May 24 for unusual price movements after its shares dived from 10.4 cents to 3.8 cents that day. They are now at 1.8 cents.It said then that the company was not aware of any information which might explain the trading.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »