Best World: Please Resume Trading ASAP

0 have signed. Let’s get to 200!


Thank you for appointing PWC as the independent reviewer on 19 March 2019.

Since the trading suspension from 24 April 2019, we noted there were only 3 subsequent interim updates in relation to the Independent Review on 15 July 2019, 12 December 2019 and 22 March 2020. It has been already more than a year since the suspension took place and let’s stock take on the overall progress.

The Independent Review is unfortunately, still on-going. We understand the Covid-19 situation has impaired the review to a certain extent. Nonetheless, the review process is just taking too long.

Secondly, as with all projects, it is common to have a monthly update and I think the shareholders deserve more interim updates, especially so when this has been on-going for about 15 months. It is also worth emphasizing that the last update was on 22 March 2020. Shareholders would appreciate more clarity in terms of the review progress and timeline, in a more tangible manner. Perhaps in the next interim update, PWC and/or the Audit Committee can consider giving an estimation of % completion and to share what are the key outstanding documents that are pending from Company or any other third parties? We view this of great importance as we believe this significant “step-up” of transparency will allow everyone, including the shareholders, to have better clarity.

We, as shareholders, are not doubting the capabilities of PWC, Audit Committee nor SGX Regco, but what could the other reasons for this protracted review, other than Covid-19? What are the other factors holding up the investigation? Let’s certainly hope we are not gravitating towards another China Hongxing saga where the suspension was somewhat permanent.

We also understand PWC, Audit Committee nor SGX Regco are in a challenging position and you are approaching this matter with the view to protect minority shareholders’ interest, and hence the long period of suspension. In the US, the federal securities laws generally allow the SEC to suspend trading in any stock for up to ten business days. While Singapore is different, having a suspension of more than a year doesn’t seem to resonate well with international investors. On one hand, we wish to position ourselves as an international equities market, but on the other hand, the long suspension duration and lack of transparency and clarity for such important investigative matters or cases is just not ideal for investors.

We hope to hear the views of Audit Committee and SGX Regco soon. Also hope that Best World can resume trading as soon as possible.

Desired Outcomes                                                                 

1. Resume trading as soon as possible                                           

2. Provide an indicative timeline of trading resumption      

3. More accountability, with more interim updates                               

4. More transparency, with indication of % review completion and outstanding matters or document that are required to complete the review