Fri, Jul 24, 2020 - 11:52 AM THE regulatory arm of the Singapore Exchange on Thursday night said that Best World International must submit a pro
Fri, Jul 24, 2020 – 11:52 AM
THE regulatory arm of the Singapore Exchange on Thursday night said that Best World International must submit a proposal to resume trading.
In its proposal, the mainboard-listed premium skincare products seller has to address concerns raised in independent reviewer PricewaterhouseCoopers Advisory Services’ (PwC) observations and recommendations, the legality of its sales and distribution model in China, and the lack of clarity on its financial position.
Trading in Best World’s shares cannot resume in a fair, transparent and orderly manner without sufficient clarity on the actual financial position of the group and the legality of the business, said the Singapore Exchange Regulation (SGX RegCo).
SGX RegCo will consider the company’s proposal and its FY2019 audited financial statements before making a determination on its continuing listing on the Singapore bourse.
PwC was appointed in March 2019 to perform an independent review on the financial affairs of Best World’s wholly-owned subsidiary BW Changsha (BWC), following a report by The Business Times which raised concerns over the group’s sales transactions under a new…