Kenmark Industrial Co (M) Bhd (7030) said its boss and major shareholder, who was missing as the group's fortunes took a rapid turn for the worse, is sick in China.
In a statement sent to Bursa Malaysia through the company's secretary yesterday, Hwang Ding Kuo@James Hwang said he was taken ill in China on May 24 and was in a delirious state.
"It was only yesterday (Tuesday) I regained full consciousness but am still weak to travel," he said. He did not identify the nature of the sickness nor did he say when he expects to be well.
Hwang will only return to Malaysia once he is healthy.
Hwang also said he could not be reached by telephone as all calls had been barred by family members.
However, he said a friendly party has bought a substantial stake in the company and new appointment of directors will be made, including two executive directors to manage the current situation.
Hwang did not give details of the deal.
"I wish to state I am still the managing director of Kenmark and will work together with the new shareholder to try and resolve all outstanding issues caused by my sudden absence," Hwang said.
He also did not state the current whereabouts of two other Taiwanese executive directors Chang Chin-Chuan and Chen Wen-Ling who were also said to be missing.
The new directors to be appointed are Ho Soo Woon, Ahmed Azhar Abdullah, Woon Wai En and Abdul Gani Yusof.
They will also review the company's situation in Vietnam.
"I have spoken to Ho to have him discuss with Bursa Securities for a time extension to announce the fourth quarter results and appoint a special auditor," Hwang said.
Over on the stock market, Kenmark's shares were suspended at 4.43pm yesterday and they will remain so indefinitely, according to Bursa Malaysia.
Before the suspension, its shares were among the most active when it almost doubled to 11.5 sen from 6 sen previously.
Since news broke that Hwang went missing, Kenmark lost as much as RM140 million in stock market value in a matter of days while more than 400 of its workers were uncertain about their future.
Even the Securities Commission will investigate the furniture maker, while Bursa Malaysia directed Kenmark to appoint a special auditor to probe its finances.
Kenmark's shocking story started on May 31 when its shares tumbled 68 per cent, leading
In a statement sent to Bursa Malaysia through the company's secretary yesterday, Hwang Ding Kuo@James Hwang said he was taken ill in China on May 24 and was in a delirious state.
"It was only yesterday (Tuesday) I regained full consciousness but am still weak to travel," he said. He did not identify the nature of the sickness nor did he say when he expects to be well.
Hwang will only return to Malaysia once he is healthy.
Hwang also said he could not be reached by telephone as all calls had been barred by family members.
However, he said a friendly party has bought a substantial stake in the company and new appointment of directors will be made, including two executive directors to manage the current situation.
Hwang did not give details of the deal.
"I wish to state I am still the managing director of Kenmark and will work together with the new shareholder to try and resolve all outstanding issues caused by my sudden absence," Hwang said.
He also did not state the current whereabouts of two other Taiwanese executive directors Chang Chin-Chuan and Chen Wen-Ling who were also said to be missing.
The new directors to be appointed are Ho Soo Woon, Ahmed Azhar Abdullah, Woon Wai En and Abdul Gani Yusof.
They will also review the company's situation in Vietnam.
"I have spoken to Ho to have him discuss with Bursa Securities for a time extension to announce the fourth quarter results and appoint a special auditor," Hwang said.
Over on the stock market, Kenmark's shares were suspended at 4.43pm yesterday and they will remain so indefinitely, according to Bursa Malaysia.
Before the suspension, its shares were among the most active when it almost doubled to 11.5 sen from 6 sen previously.
Since news broke that Hwang went missing, Kenmark lost as much as RM140 million in stock market value in a matter of days while more than 400 of its workers were uncertain about their future.
Even the Securities Commission will investigate the furniture maker, while Bursa Malaysia directed Kenmark to appoint a special auditor to probe its finances.
Kenmark's shocking story started on May 31 when its shares tumbled 68 per cent, leading
It also cannot issue the fourth quarter results for the period to March 31 2010.
The independent directors were told by former executives that all of its operations have stopped while two banks demanded some RM73 million of their money back.
To make matters worse, it immediately became a PN17 company, a label of financially troubled firms on Bursa Malaysia.
Meanwhile, Kenmark's external company secretary Leong Oi Wah when contacted confirmed the independent directors will still meet with the company's receiver, PricewaterhouseCoopers, as planned on Friday to determine the actual debt of the company.
The independent directors were told by former executives that all of its operations have stopped while two banks demanded some RM73 million of their money back.
To make matters worse, it immediately became a PN17 company, a label of financially troubled firms on Bursa Malaysia.
Meanwhile, Kenmark's external company secretary Leong Oi Wah when contacted confirmed the independent directors will still meet with the company's receiver, PricewaterhouseCoopers, as planned on Friday to determine the actual debt of the company.
- Business Times
No comments:
Post a Comment