By ANGELA TAN

 

Judicial managers of China Printing & Dyeing Holding Limited said the Singapore Exchange has no objection to the company's proposed delisting without making an exit offer.

 

The exchange had issued a letter informing the solicitors of the judicial managers of its decision on February 18.

The debt-laden company's trouble started in late 2008 when its CEO Tao Shoulong and deputy CEO Yan Qi fled after a subsidiary announced it was unable to honour 2 billion yuan worth of debts.

The husband-and-wife pair, the founders of China Printing, was subsequently arrested in the Chinese province of Guangdong on suspicion of fraud and illegal fund raising.

Trading of its shares have been suspended since October 2008.

Ds is one of d few problematic S coys as listed by SIAS early ds mth. Today Zaobao said.

SGX has rejected d below appeal fr d coy. Currently, d coy is under suspension. Coy will find other means to solve d issue n will inform d shareholder accordingly.

There are series of event on ds coy in SGX web site. 

http://www.sgx.com.sg

CEO of China Printing and Dyeing, Mr Tao Shoulong said: “As the group continues to progress, we will focus on high value-added textile products to enhance our market presence and strengthen our bargaining power. Bearing any unforeseen circumstances, we will continue to be profitable.”