Media Asia Entertainment Group's proposed listing in Singapore is stuck at the Monetary Authority of Singapore (MAS) which is requesting more information on the financial position of the firm's management team led by Peter Lam Kin-ngok, according to a source.
The film production firm expected the listing to be completed this month to raise US$10 million in Singapore. An in-principle approval from the Singapore Exchange had been received but the MAS is still reviewing the application.
'The MAS has requested more information relating to the private companies controlled or managed by some members of the management team,' the source said, adding the firm was considering a management reshuffle to facilitate the listing.
Media Asia has been looking to go public since September last year, when its Infernal Affairs trilogy hit the box office. GK Goh is arranging the initial public offering.
Observers suspected the delay was caused by the legal woes of the controlling shareholder and some management members disclosed in the preliminary prospectus.
According to the prospectus, controlling shareholder Lim Por-yen was convicted on bribery charges by the District Court in Taipei in 1999 and sentenced to a jail term of three years and two months which was later cut to 18 months after he won an appeal to the High Court of Taiwan against some charges. The prospectus said Mr Lim was still continuing his appeal against the conviction.
