AIM-listed Canton Property Investment Limited announced that it has suspended trading on AIM with immediate affect. The company, which owns one shopping mall in China and is developing two others, said the move followed the unexplained disappearance of founder, executive chairman and 43% shareholder Keng Wong. On suspension shares were trading at 20.5p, valuing Canton Property at £96 mln.
AIM-listed Canton Property Investment Limited announced that it has suspended trading on AIM with immediate affect. The company, which owns one shopping mall in China and is developing two others, said the move followed the unexplained disappearance of founder, executive chairman and 43% shareholder Keng Wong. On suspension shares were trading at 20.5p, valuing Canton Property at £96 mln.
According to the company statement, Sir David Brewer, non executive director of the Company and Mr Dennis Yau, Chief Financial Officer, have resigned from the Board following failure to reach agreement over the appointment of an interim chairman.
In the meantime, the Board is currently exploring a number of options in order to cover the company's short term funding requirements while it negotiates long term finance for the construction of the Mall of Canton and the Canton Finance Centre, the statement added.
