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Little-known fintech player eyes struggling JES International's listing status

Benjamin Cher
Benjamin Cher8/27/2019 03:08 PM GMT+08  • 8 min read
Little-known fintech player eyes struggling JES International's listing status
Launch of Creatanium According to Accounting and Corporate Regulatory Authority (ACRA) filings, PLMP Blockchain Holding and PLMP Fintech have the same directors, shareholders and office address. So, who are these two entities and what are they involved
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(Aug 26): JES International Holdings, a once actively traded Chinese shipbuilder, has been under judicial management since February as it struggled with debt. It owes two major creditors $5.1 million and $2.2 million each. It no longer generates any revenue, yet incurred losses of RM313,000 ($103,627) in its most recent earnings report for the quarter ended Sept 30, 2018. An earlier attempt to restructure the company by acquiring Malaysian investment holding company Maya Asia Resources fell through in September 2017. The company’s shares, which traded as high as 78.5 cents in 2007, last traded at 2.6 cents. Trading has been suspended since 2015.

In January, an entity called PLMP Fintech approached JES to discuss the possibility of taking over its listing status. In a Singapore Exchange announcement then, PLMP Fintech was described as an “established company with expertise in blockchain technology and development”. On Aug 16, JES International announced an implementation agreement with PLMP Blockchain Holding for a proposed transfer of its listing status, targeted for 2020.

Launch of Creatanium

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