Another China Company bit the dust. This one has a funny reason.. cannot hire Financial Controller because it cannot remit money overseas and got suspended.
China Paper: Unable To Remit Money To Employ Financial Controller, Shares To Be Suspended On 27 January 2014.
24 Jan 2014 17:56
China Paper Holdings Limited has applied to the Singapore Exchange Securities Trading Limited for a suspension of trading in its shares with effect from 9:00 a.m. of Monday, 27 January 2014. The Company is unable to comply with the continuing listing requirements of the Listing Manual as it has not been able to engage a suitably qualified person to take on the responsibilities of financial controller since the resignation of the Company's assistant financial controller, even though the Company has identified candidates and interviewed them. The candidates have turned down the Company's offer as the Company is currently restricted by the PRC authorities from making any remittance of monies outside of the PRC...
The company's past financial accounts were not properly kept with some mistakes easily spotted. It has plenty of cash in hand with zero debts. The company has been losing money with increased inventories and receivable. Meanwhile, the company said it has raised right issues last year with S$32 mil kept in the banks.
I follow-up with this stock because I held quite alot of China Paper shares (due to the 1st Rights Issues in 2011) at S$0.1225 per share and had run road @ S$0.16 per share. I was lucky then but I knew one elderly Singaporean retiree who tightly held about 3m China Paper shares since its IPO in 2004. He can't even use the millions of China Paper shares as toilet paper because it's scriptless now...