The judicial manager of Nutryfarm International AZT has applied to extend its suspension of trading to June 24, which coincides with the expiry date of the current judicial management period of the company.
Trading of Nutryfarm’s shares has been suspended since April 11, 2022, and the company was required to submit a proposal to SGX Securities Trading (SGX-ST) to resume trading of its shares by April 10 this year.
The durian and health foods distributor has been under judicial management since June 28, 2022, following a spate of legal events regarding Nutryfarm’s loans owed to its creditor, Corpbond IV.
The two parties were previously in talks to potentially restructure third-party loans of some HK$126.9 million ($21.55 million) as at June 30, 2021. The loans were set to expire between March and November 2022.
In a March 27 Singapore Exchange (SGX) filing, Nutryfarm’s judicial manager says it is currently working on a statement of proposals to be sent to the creditors of the company, and hopes to convene a creditors’ meeting by April 30.
Tentatively, the creditors’ meeting is scheduled to be held on April 28.
See also: ZICO Capital will no longer sponsor Sinocloud after Feb 25
Nutryfarm’s financial controller and joint company secretary Yang Kai Leong resigned in July 2022, just four months into the role.
In June 2022, non-executive independent director Low Chin Parn Eric announced his resignation in September 2022, eight months into his role.
Wu Yongqiang, executive chairman of Nutryfarm, resigned in September 2022, as all powers and duties of the directors were suspended after the company came under judicial management.
Shares in Nutryfarm last traded at 8.5 cents in April 2022 before its trading halt.
