SINGAPORE (Jan 17): Shareholders of investment holding company YuuZoo have formed an association to urge Singapore Exchange (SGX) to immediately lift its trading suspension.

The association, named YuuZoo Shareholders Association (YSHA) and headquartered in Washington DC, US is also urging other shareholders to join the association to defend their rights.

“YSHA’s immediate focus is to have the suspension on the trading of YuuZoo shares, which has been in place since March 19 2018, lifted with immediate effect,” says the association in a press release as it believes there remains no reason to keep the trade suspension in place.

As the two questions related to YuuZoo’s FY2017 results and posed by SGX Regulation (SGX RegCo) to its auditors RT LLC have been “fully answered”, YSHA believes there “remains nothing that the market does not have full information on”.

Singapore Exchange Regulation (SGX RegCo) had called for the immediate suspension of trading in YuuZoo shares after RT was unable to obtain sufficient appropriate audit evidence to provide an opinion as required in a notice of compliance (NOC) issued by SGX on March 5 2018.

See: SGX slaps trading suspension on YuuZoo

See also: SGX swings regulatory hammer left, right and centre

These were related to YuuZoo’s other income of $8.0 million due to the purchase of assets related to the formation of YuuLog France for the financial year ended December 2017; and balance of assets available for sale of $54.2 million as at Dec 31, 2017, and corresponding revenue of $38.4 million from network development and franchise sales for FY2017.  

Explaining its case, YSHA believes YuuZoo has been fully transparent and open in its communication with the market and has complied with all listing rules. Investors have also been provided will full and complete information.

While YSHA appreciates the important role of SGX RegCo in ensuring that listed companies follow all listing rules, the association believes that “as long as companies provide investors with full information about their operations, the rest should be left to the market, where investors can make their own decisions on the shares they decide to buy or sell”.

Shareholders who wants to join YSHA, can send an email to [email protected] with their name, expressing their wish. There is no joining fee.