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Sunvic chemical is another of those red-chips SGX (@ss-jee-axe) invited to IPO here!!!! Look what happen now!!!! IPO price at twenty over cents and now delisted at $0.02 !!!! @ss-jee-axe should YOU be responsible for this???? Or this is just merely a " business risk" ???? You as a regulator should vet the coy to be listed carefully!!!! Not just let in any junk and crooked coys to IPO to take public citizen money to become a legalised scam and con!!!! Is this any different from a scam???? MAS didn' t check on SGX which is a profit maximising commercial business that only care for trading commission fees and list fees???? MAS you can do better???? Is it high time to revamp this regulatory framework to stop this legalised scam and con????
Independent auditor issues disclaimer of opinion on Sunvic Chemical' s financial statements
THE independent auditor of Sunvic Chemical Holdings has issued a disclaimer of opinion on the group' s financial statements for the financial year ended Dec 31, 2019.
The auditor, Foo Kon Tan LLP, likewise did not express an audit opinion on the group' s financial statements for the financial year ended Dec 31, 2018.
Among other things, the auditor flagged discrepancies surrounding the veracity of corporate guarantees provided for loans amounting to 222.5 million yuan (S$45.3 million). The guarantees were reportedly issued by some of Sunvic Chemical' s subsidiaries in China without the company' s board' s approval. Sunvic Chemical later announced that it had received legal claims for these sums.
However, Foo Kon Tan said that its legal counsel in China reported that one of the corporate guarantee contracts (for 180 million yuan) did not exist there were also no legal demands made in respect of the contract.
The auditor also noted material uncertainties which may cast " significant doubt" over the group' s ability to continue as a going concern.
These included the group' s net current liabilities of 32 million yuan as at end-Dec 2019. Sunvic Chemical also recorded cash outflow from operating activities of 271.3 million yuan. However, it had only 7.8 million yuan in cash and cash equivalents as at end-December 2019.
The mainboard-listed company is on the Singapore Exchange' s watch-list. Trading in Sunvic Chemical shares has been suspended since Jan 14 upon the company' s request. The counter last traded at 2.2 Singapore cents.
Because many of these types of company decision-makers know that even if they cheat, and cheat big in that matter, after exposed and then share got suspended, they can still walk around proudly 5 years 10 years down the road without feeling a bit of guilt, after lining their pockets and their Kaki's pickets with all the money they can suck from the shareholders
nqing87 ( Date: 14-Jan-2019 09:28) Posted:
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next maybe sino grandness.. they got serve letter of demand but they did not disclose in sgx
ysh2006 ( Date: 14-Jan-2019 07:54) Posted:
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lol another one bite the dust.. sgx better buck up in their regulatory role.. so many shareholders got caught over the years.. no market confidence, how to invest in sg market
Next one likely is who ?....China Haida ? China Jishan or China Real Estate ?
oldbirdy ( Date: 11-Jan-2019 20:45) Posted:
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One more S-cheat gone belly up. Suspended.
5 yrs ago it was traded as high as 78ct.
5 yrs ago it was traded as high as 78ct.
Aiya....S chip 1 by 1 will suspend lar..... history don't lie
this shares last time 50 - 60 cents... now suspense...
Alvin2042 ( Date: 09-Apr-2017 11:29) Posted:
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Wow 0 trade, play what?
machidrain ( Date: 09-Apr-2017 11:20) Posted:
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stock coming back into play?
Wohoo! More uptrend today!
MD shows there might b upside... can KIV...
today seems interesting... should be rising today...
Lol fly up very quickly, dumped very quickly too
fly le
time to reverse?
Arkema decided for 1/3 share of Taxing Plant only? SunVic still consolidate its Acrylic trade in China and secure a competitive supply source in acrylics in Asia. Why is there so much fear in the market ? Share drop till bottom and no turn around sign.
The products are commonly used by the market. Anyone can tell me why? Tks.
turn around? soon?
I think the fair value is already impaired that' s why we see a loss this Q despite the gain from the French giant. Correct me if I am wrong.
stockmax ( Date: 02-Mar-2015 20:46) Posted:
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