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Gilbert under microscope

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The stock exchange is closely monitoring linen and garment supplier Gilbert Holdings to assess whether its operations and assets are sufficient to warrant its continued listing.

The debt-strapped group said yesterday it had an unaudited net deficit of $1.31 billion as of December 31 last year.

One of its subsidiaries, Gilbert Company Ltd (GCL), had a net deficit of $1.6 billion, the group said.

There were 11 writs and notices claiming a combined $12 million outstanding against the company and its subsidiaries as of yesterday.

Gilbert said one financier had filed a winding-up petition against GCL on May 5, but had moved to withdraw the petition on May 20.

An exchange source said in general a listed company would be regarded as not suitable for continued listing if the market value of its operations or assets fell below the minimum $100 million required by the listing rules.

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