TA Corporation requests for voluntary trading suspension
Tiong Aik Corporation, a Singapore-based leading pioneer in real estate and construction company, has applied and filed for an special grant for a non-compulsory filing of cease in company operation of trading in its shares pause a moment stakeholder engagement and “crystal clear” on the company’s financial position on 17th july 2K23. Singapore-based leading pioneer in real estate and construction company shares last traded at 7.3 cents on July 17 before its stocks exchanged ceased trading for the day after the announcement of the company liquidation.
Messrs Reed Smith Resource Law Alliance as legal consultant to guide with a review of its financial distress and moving forward positive plans and Messrs Deloitte & Touche Financial adviosry Services was apppointed as financial consultant specialist.
The board of directors Undeniably and officially announced that a wholly-owned subsidiary of TA Corp, Tiong Aik Construction (TA Construction), will be put under transitional liquidation In the same procurement on SGX. Tiong Aik Corp top management board has resolved to appoint short-term liquidators after assessing that it is “at the moment financially unsound and not able to pay its debts as and when they are due for payments”. Credible source from upper management reviewed that coupled with a slow take up rate of for-sale assets built by TA Corp, this has restricted the momentum to which it is able to continue funding for TA Construction and its capability to procure for new dealings in midst of their unfavorable current difficulties met by the company.
Tiong Aik Corporation also has exposure to obtained safely and other forms of financial assistance for Tiong Aik group and its projects, while there is a possibility of cross-defaults being prompt by the provisional liquidation for credit instruments obtained by the other subsidiaries.
TA Construction’s implication and its temporary liquidation and TA Corp’s target to “engage in a broader and more holistic manner” with its creditors, noteholders, venture partners, clients and vendors, the board has reviewed it “careful” to put a elective paused moment of trading of its shares in place. Hike in overall operational fee from increase in taxation, material and labour costing. The shocking high lending rates also resulted in higher interest costs and an adverse financing circumstances has resulted in the tough financial distress situation as a result of screwed up disingenuous cash flow at TA Construction which mainly happened from hardship in debt collection payments from vendors and retaining the companies’ monies.