Attilan Group served delisting notice, plans to appeal to SGX

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way. ST PHOTO: KELVIN CHNG

SINGAPORE - It may be the end of the listing road for one of three companies at the centre of the 2013 penny stock crash.

Mainboard-listed investment firm Attilan Group said on Thursday (June 6) that it is reviewing a notice of delisting from the Singapore Exchange (SGX) and intends to make an appeal.

The group had received a notification of delisting from SGX on June 4 which said that the group had not met the requirements for its removal from the watch-list. It was first placed on the watch-list on April 11, 2016.

Manipulation in the shares of Attilan, known then as Asiasons Capital, together with Blumont Group and LionGold, was blamed for the crash that wiped out $8 billion from the Singapore market in October 2013. Blumont and LionGold are still trading on SGX. The ongoing trial of the plot's alleged mastermind, Malaysian businessman John Soh, and alleged co-conspirator Quah Su-Ling, resumes in August.

On Thursday, Attilan said trading in shares will be suspended from 9am on July 4 until the completion of an exit offer to shareholders, in accordance with listing rules which requires the company or its controlling shareholders to provide a "reasonable exit offer" to shareholders.

The group said it would inform SGX of the exit offer proposal as soon as practicable and no later than one month from June 4. It added that it would also provide SGX updates on the status of its exit offer proposal.

Attilan had said in mid-May that it was aware of the deadline given by SGX for its removal from the watch-list and is "actively looking for potential opportunities" to improve its financial position.

It also said its management was engaging both the put option holders and Phillip Asia Opportunity Fund for a settlement and that it was considering a comprehensive debt settlement proposal that will address the financial position of the company.

Separately in May, the group posted a first quarter net profit decline of 51 per cent to $40,166 for the three months ended March 31, from $81,432 a year ago. Revenue rose 37 per cent to $739,580 from $538,567 a year ago from higher media sales revenue.

Shares of Attilan are currently suspended. It last traded at 0.2 cent on June 21, 2018.