New Toyo

[Curiousparty]

would like to urge all SAH shareholders to cry foul , but then it is no use crying over spilled milk.....

it must have been one of the easiest CEO post - get paid for doing "nothing"

http://info.sgx.com/webcoranncatth.nsf/V...F002A46A0/$file/SAH_Q42012ResultsAnnouncement.pdf?openelement

SAH incurred S$2.557m in admin expenses for FY12:

3. Administrative expenses comprised mainly director’s remuneration (related to the ex-CEO compensation) of S$0.483 million,
underprovided directors’ fees for Year 2011 of S$0.373 million (approved during last AGM), accrual of directors’ fees for Year
2012 of S$0.493 million, staff remuneration, professional fees in relation to the Transaction, office rental and other head office
corporate expenses.

What a way to keep milking a cash co without doing much really.

GG

Now we see the true colours....The delisting of SAH has been finalized....no "fireworks" - shell is dumped away ...and still no signs of special dividends....
Why is the company keeping so much cash? think hard...who has been the greatest beneficiary of this SAH saga?

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Shanghai Asia Holdings on Monday said it has been notified by the Singapore Exchange that it will be delisted from the main board, following its capital reduction exercise, expected to be completed around June 28, 2013.

"The company will proceed with a members' voluntary liquidation following completion of the capital reduction," according to the notification.

Shanghai Asia is an investment holding firm formerly engaged in the printing of product packaging, primarily in China.

SGX's notification noted that on April 25, 2013 (or 12 months since Shanghai Asia became a cash company), it has not signed a definitive agreement for the acquisition of a new business that is able to meet the requirements for a new listing.

It also noted that Shanghai Asia had obtained shareholders' approval for its proposed capital reduction at its extraordinary general meeting last Tuesday. Hence, its delisting will kick only after the cash distribution of the capital reduction.

Shanghai Asia resumes trading of its securities on Monday. Its trading will be suspended with effect from June 4, 2013.