The SGX-listed Malaysian firm is seeking clarification on the suspension of its subsidiary’s main bank accounts.
Malaysian forest resource company Jawala voluntarily suspended the trading of its shares following its need to seek clarification from Malaysian authorities and regulators on the suspension of its subsidiary’s main bank accounts, an announcement revealed.
The firm said in an earlier filing to SGX that it had been verbally informed by the officer-in-charge at CIMB Bank Berhad and Public Bank Berhad that its subsidiary Jawala Plantation Industries’ (JPI) main bank accounts were suspended with effect from 5 November.
As a result, Jawala called for a trading halt on the morning of 8 November, before trading commenced.
"The operations of JPI are continuing as per normal currently as other unaffected bank accounts for the group could be utilised in the interim to facilitate payment to suppliers and receipt from customers,” Jawala said.
Jawala also said that it would make an announcement when material updates are available, and request for trading to resume in due course.
The firm was listed on Catalist of the Singapore Exchange Securities Trading (SGX-ST) on 1 June.
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