IHD applies for trading to resume
IHD Holdings has submitted a formal application to the Hongkong stock exchange for resumption of trading in its shares and warrants.
IHD, whose shares have been suspended since March 25, said the application was submitted last Thursday by an independent director of the company, Mr Frank Chao.
IHD legal and administration officer Heidi Chu said Mr Chao's decision to seek the resumption of trading was based on a final report commissioned by financial adviser Standard Chartered Asia.
The report gave a complete review of IHD's operations and financial position.
It took into account the audited yearly results of the company published in December.
Ms Chu said publication of the results in December instead of September as scheduled was the result of the auditors of associated company American Global Assurance being unable to provide IHD's auditor, Deloitte Touche Tohmatsu, with audited financial statements and related information in time.
The company saw a 30 per cent profit fall to $41.5 million for the year to March 1992, and a profit of just $1.4 million for the following six months, which it said was due to the ''voluntary suspension of trading in its securities''.
Exchange listing division assistant director Stella Ng Yi-kum yesterday said a formal application was received last week from IHD for resumption of trading and the division was examining the matter.
But she could not give a date for a resumption of trading or say how long it would take to review the case.
Noting that trading probably could re-commence after March when the company's 1992 warrants expired, Ms Ng said the exchange wanted to see an early resumption of trading in the company's shares and warrants.
During its annual meeting last year, IHD extended the expiry date of its 1992 warrants from December to March this year.
Standard Chartered Asia, IHD's financial adviser, would not comment on the case.
Meanwhile, the company said in its interim results this month that its joint-venture department store in Shanghai would open this year.
funded by the sale of some non-income earnings properties.