Attilan served SGX delisting notice, plans to appeal

One of three companies at the centre of the 2013 penny stock crash may exit the Singapore Exchange (SGX). Investment firm Attilan Group said yesterday it is reviewing a notice of delisting and plans to appeal.

The SGX told the group on Tuesday it had not met the requirements for being removed from the watch-list, which it joined 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 the SGX.

The trial of the plot's alleged mastermind, Malaysian businessman John Soh, and alleged co-conspirator Quah Su-Ling, resumes in August.

Attilan's shares will be suspended from 9am on July 4 until the completion of an exit offer to shareholders, it said yesterday. This is in accordance with listing rules, which requires the firm or its controlling shareholders to provide a "reasonable exit offer" to investors. Attilan had said in mid-May that it was aware of the SGX deadline for its removal from the watch-list and was "actively looking for potential opportunities" to improve its position.

Last month, it posted a first-quarter net profit fall of 51 per cent to $40,166 for the three months to March 31 from $81,432 a year ago. Revenue rose 37 per cent to $739,580 from $538,567, from higher media sales revenue.

A version of this article appeared in the print edition of The Straits Times on June 07, 2019, with the headline 'Attilan served SGX delisting notice, plans to appeal'. Print Edition | Subscribe