No Signboard places Danish Breweries into creditors’ voluntary liquidation
The company said its subsidiary has been having cash flow problems.
No Signboard Holdings has placed its wholly-owned wholly-owned subsidiary, Danish Breweries Pte Ltd, into creditors’ voluntary liquidation (CVL) as the beer distributor cannot “by reason of its liabilities continue its business.”
In a bourse filing, No Signboard said its subsidiary has been having cash flow problems and was unable to pay its debts, thus the move to place it in CVL.
Chan Yee Hong, licensed insolvency practitioner from Nexia TS Risk Advisory Pte. Ltd., has been appointed as the provisional liquidator for Danish Breweries. The subsidiary’s shareholders and creditors are expected to confirm his appointment at a creditors' meeting on 12 April 2022.
The CVL will "contribute positively" to its consolidated net tangible assets (NTA) and earnings per share of No Signboard and its subsidiaries for the current financial year ending on 30 September 2022.