03-10-2022, 11:07 PM
(This post was last modified: 03-10-2022, 11:17 PM by dreamybear.)
(28-04-2022, 08:16 PM)dreamybear Wrote: I am not sure whether even making progress in the licence will definitely put an end to the saga as there is still the disclaimer of opinion(DOO), e.g. unsure how many SGX listed companies are currently trading with DOO and the difficulties they are facing as a result. The best DOO implication articles I can find so far are below, though they are not Singapore-based articles. Given the implications of DOO, I think BW's options are rather limited - be it finding investors, relist in other exchanges, etc.
Well, now we know the implications of BW's DOO.
So the resumption proposal has been submitted, chances of a trading resumption - any views ?
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Company Updates 9 Jul 2022 (emphasis added)
https://links.sgx.com/FileOpen/2022%2007...eID=723283
"....On 16 June 2022, the Company received an improved audit opinion from its independent auditor for its audited financial results for the financial year ended 31 December 2021. As a result of the improved audit opinion, the Company is of the view that there is clarity on the financial statements of the Company.
In addition, with the Company’s implementation of all recommendations made by the Independent accountant in the Independent Review report, and the legal opinions and updates from Merits and Tree (Beijing) Law Office and Dentons Beijing Office highlighting that non-compliance risks of the Group’s business model in China with regards to direct selling and ChuanXiao laws as being remote, the Company is of view that the concerns raised by SGX RegCo in its 23 July 2020 Regulatory Announcement, could be satisfactorily addressed.
In view of the above developments, the Company has deliberated and will commence to prepare a resumption proposal to be submitted to SGX RegCo...."
Company Updates 2 Oct 2022
https://links.sgx.com/FileOpen/2022%2010...eID=733246
"..Following from the 9 July 2022 Update, the Company wishes to inform that it has submitted a resumption of trading proposal to SGX RegCo...."