YuuZoo clarifies that YuuZooNow is not its subsidiary

Mainboard-listed YuuZoo Networks Group Corporation (YuuZoo) said in a regulatory filing yesterday that it has set up a new corporate support centre in Bangkok to take over the functions previously provided from Singapore by YuuZooNow, which closed its Singapore office in March.

YuuZoo, a social commerce company whose shares are now suspended amid investigations into its finances, said YuuZooNow is not its subsidiary.

YuuZooNow is, instead, a subsidiary of British Virgin Islands-registered YuuZoo Corp, which the company says is a different legal entity with a different board.

This is the first time that YuuZoo has said that YuuZoo Corp is a different company.

The company listed on the Singapore Exchange in 2014 through a reverse takeover of W Corp as YuuZoo Corp.

Last year, YuuZoo Corp changed its name to the current YuuZoo Networks Group Corporation and completed a restructuring to continue the company as a British Virgin Islands-incorporated business.

In March this year, YuuZoo described the closed entities as its "Singapore-based subsidiaries". Before last year, Singapore was YuuZoo's headquarters.

YuuZoo said the group will deal with the responsibilities linked to the closure of the Singapore office of YuuZooNow as soon as SGX lifts the share trading suspension and allows the company to function normally.

A version of this article appeared in the print edition of The Straits Times on June 25, 2019, with the headline 'YuuZoo clarifies that YuuZooNow is not its subsidiary'. Print Edition | Subscribe