Business

Yamada calls for trading halt

Mainboard-listed Yamada Green Resources called for an immediate mandatory trading suspension in a pre-market filing at 7.30am yesterday.

This came after an announcement late on Tuesday night where it said it would be asking for its trading halt to be converted into a voluntary suspension of trading the next day.

The mushroom supplier with cultivation bases in China's Fujian province had said it was applying for more time to announce its financial results and hold its annual general meeting.

It said the further extension was needed in view of a fire incident that it had disclosed on Monday night. It had resulted in financial documents and IT/computer hardware being affected or destroyed.

With the added problem of the fire, Yamada on Tuesday said more time was needed for the company's external auditors, BDO, to perform additional audit work in relation to inconsistencies in financial records and other queries relating to its financial statements for financial year 2017.

Yamada has proposed to the audit committee that, as an interim measure, oversight procedures be implemented in relation to cash balances in its bank accounts. This has been accepted. - THE STRAITS TIMES

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