Forty-two months after trading of its shares had been suspended, Best World International will resume trading on Nov 14.
The company, best known for its direct selling business of beauty and health products in markets such as China, had its trading suspended back in May 2019 after it came under short selling attack by Bonitas Research.
SGX RegCo, which directed an extensive review of the company after questions were raised over its business model.
According to Best World International on Nov 1, it will report its most recent earnings on Nov 11.
Best World had on Oct 5 received the go-ahead from SGX RegCo to resume trading.
The possibility of resumption of trading was mooted by the company in an update on July 9.
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The company said that it had on June 16 received an “improved audit opinion” from its independent auditor for its earnings ended Dec 2021.
Citing the legal opinions and updates its lawyers, the company had said that “noncompliance risks of the group’s business model in China with regards to direct selling” as being “remote”.
Therefore, Best World believes that it has “satisfactorily addressed” concerns raised by SGX RegCo.
On Aug 11, the company reported earnings of $38.9 million the three months ended June, down 1.2% y-o-y. Revenue in the same period was down 13% y-o-y to $130.5 million.
