KLW

[CityFarmer]

Who can educate me what's the use/function of sponsor?

There are two type of sponsors, Full Sponsorship and Continuing Sponsorship. In this case, it is the Continuing Sponsorship.

The job of continuing sponsorship, is advising the company on its continuing listing obligations and overseeing its compliance with these obligations, in brief.  

Sounds pretty useless....hehe 

Yes, in fact very useless for those "downgraded" from main board, especially those voluntary "downgraded" 

The catalyst board listing, is for those smaller and newer companies, which usually get no professional adviser (e.g. investment bankers) due to their size, unlike those in main board. Sponsorship is suppose to fill in the role. I guess, it is not unique to SGX, but a popular one. I am not sure other exchanges have similar sponsorship?

[CityFarmer]

The old guards are in "trouble" with the CAD investigations. Will the "fresh" new management team, able to maintain the  biz?

Section 199 is on "False or misleading statements", while Section 203 is on "Continuous disclosure". Section 199 is more "jialat" than Section 203, IMO.

(not vested)

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On 19 November 2015, Ms. Gaw Kuan Ching Jaslin (“Ms. Gaw”), currently Head of Operations and
Human Resource of the Company, was interviewed by the CAD in connection with possible offence(s)
under section 199 of the SFA and released on bail. Ms. Gaw was formerly the Group Financial
Controller of the Company. For the purpose of the investigation, CAD requested access to certain
documents from Ms. Gaw.
On 19 and 20 November 2015, Mr. Lee Boon Teck (“Mr. Lee”), currently a consultant of the
Company, was interviewed by the CAD in connection with possible offence(s) under section 203 of
the SFA. Mr. Lee was formerly the Managing Director of the Company. For the purpose of the
investigation, CAD requested Mr. Lee to surrender all travel documents and access to certain other
documents.
...
http://infopub.sgx.com/FileOpen/KLWAnnou...eID=379554

[CityFarmer]

More company staffs were probed by CAD...

(not vested)

CAD starts probe into KLW consultant and senior executive
25 Nov 2015 09:00
By Andrea Soh

THE white-collar crime busters have come knocking on the doors of KLW Holdings, questioning two of its senior executives for possible offences and also requesting for access to certain information.

This follows the Nov 4 uncovering of apparent lapses in internal controls and potential breaches of disclosure rules by PricewaterhouseCoopers (PwC), the special auditor of the Catalist-listed doormaker firm.
...
Source: Business Times

[CityFarmer]

Chapter 289 of SFA is very broad, not sure what are the possible offence(s)...

(not vested)

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On 25 November 2015, Ms. Felicia Ngo and Mr. Daniel Wu, Group Finance Manager and
Group Accountant of the Company respectively, were interviewed by the Commercial Affairs
Department (“CAD”) in connection with CAD’s investigation into possible offence(s) under the
Securities and Futures Act (Chapter 289 of Singapore).
...
http://infopub.sgx.com/FileOpen/KLWAnnou...eID=379892

[CityFarmer]

The "due diligence" is on-going, at the mean time, the stock is suspended...

KLW seeks trading suspension as it fails to appoint new sponsor

SINGAPORE (Jan 4): KLW Holdings ( Valuation: 0.90, Fundamental: 0.60) has requested suspension of trading of its shares as it has failed to appoint a new sponsor in time following the end of the term of its previous sponsor, SAC Capital, on Dec 31, 2015.

In a filing to Singapore Exchange on Monday morning, the doormaker said the incoming continuing sponsor has not completed its due diligence.

Under SGX rules, the company may be removed from the Catalist board if it does not have a sponsor by March 31, 2016.
...
http://www2.theedgemarkets.com/sg/articl...ew-sponsor

[CityFarmer]

Finally the arrival of a sponsor. One issue down, and next is to ensure a smooth run of company biz, amid the investigations...

(not vested)
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The Board wishes to announce that the Company has appointed R & T Corporate Services Pte. Ltd.
as its new Continuing Sponsor with effect from 1 March 2016.
...
http://infopub.sgx.com/FileOpen/ApptCont...eID=392015

[CityFarmer]

The valuation is at around $2.38 million, and the price is below valuation.

(not vested, and becoming interested)

KLW to buy two units at Kallang Avenue for $2.28 mil
...
http://www.theedgemarkets.com/sg/article...ue-228-mil

[CityFarmer]

It is an interesting contractual term, with the Call Option/Put Option. Will the company exercise the put option? I think the company need funding for its Australia pending development, but internal resources with a reasonable debt, will suffice. Which is the cheaper option, equity or debt?

http://infopub.sgx.com/FileOpen/KLWAmend...eID=408834

Any comment?

(not vested, and interested)

[CityFarmer]

The company trading is halted, due to an important announcement. I have very probably missed an opportunity again, by acting too slow.

(not vested)

[cyclone]

Sunny Wealth Limited will become a new substantial shareholder

KLW Holdings Limited wishes to announce that the Company has been informed that the Chief Executive Officer and controlling shareholder, Mr. Quek Chek Lan ("QCL"), has entered into an agreement dated 15 June 2016 pursuant to which he will divest his entire holdings of 1,044,185,000 ordinary shares, representing approximately 19.41% of the entire issued and paid-up capital of the Company, to Sunny Wealth Limited.

Sunny Wealth Limited is incorporated in British Virgin Islands and Mr. Wong Ben Koon is the sole shareholder of the company.

The Board is informed that the Divestment is expected to complete on or before 27 June 2016.

Following the completion of the Divestment, QCL will cease to be a shareholder of the Company and Sunny Wealth Limited will become a new substantial shareholder owning shares representing approximately 19.41% of the entire issued and paid-up capital of the Company.