The suspension will continue until investigations into its China sales have been completed.
Singapore Exchange Regulation (SGX RegCo) has suspended trading in the shares of Best World International following claims from short seller Bonitas.
According to a statement in SGX, the suspension was deemed effective on 3:14 pm, 9 May, pending investigations regarding Bonitas’ research report, saying it would profit from the decline in Best World’s share price.
“Trading suspension will continue until we have completed our investigations into the veracity of the [Best World’s] China sales,” SGX RegCo said.
A Bonitas Research report earlier alleged the skincare firm that Best World had intentionally limited the scope of the independent review by PwC Singapore on its business China in 2018 to divert attention from “fabricated sales” in China in 2017. Bonitas alleged that Best World fabricated at least $31m of its sales for FY2017.
In response, BestWorld has taken Bonitas to court for defamation.
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