SINGAPORE - Mainboard-listed Yamada Green Resources called for an immediate mandatory trading suspension in a pre-market filing around 7:30 am on Wednesday (Sept 6).
Yamada, which is a major supplier of shiitake mushrooms with cultivation bases in China's Fujian province, had said late on Tuesday night (Sept 5) it would be asking for its trading halt to be converted into a voluntary suspension, and for a further extension of time of an aggregate of seven months to announce its full-year financial results and hold its annual general meeting.
Yamada said the audit committee has also initiated an inquiry into the extent to which finance documents and it/computer hardware of the group are affected by the fire incident. It has also proposed to the board that, as an interim measure, oversight procedures be implemented in relation to cash balances in the bank accounts of the group, and this has been accepted by the board.
Shook Lin & Bok LLP has been appointed as the company's legal advisers to advise the board and the audit committee of the immediate measures and the actions to be taken in relation to the fire incident and the additional audit works, and moving forward, any other matter entrusted to them by the board and/or the audit committee arising therefrom.
Yamada had on Aug 25 said it was applying for more time to file its results and hold its AGM as it had experienced high staff turnover in the finance team and because its external auditors needed more time to complete its procedures.
On Aug 11, the company flagged a loss for the fourth quarter and full year.
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