9.1 WITH the intriguing saga of the Interform Ceramics dispute involving competitor Siu-Fung Ceramics unfolding piece by piece, a whole range of new questions are being raised.
Interform listed on the stock exchange on May 12, in a controversial offer of 150 million shares at $1.22 each.
Yesterday Interform closed at 98 cents in a listing marred by an argument over whether or not the company was involved in mainland joint ventures.
Interform said it cancelled tentative arrangements to enter into two joint ventures. Siu-Fung contends this on behalf of the aggrieved mainland parties.
It has been pointed out that Interform should have submitted the contracts of its two mainland joint ventures to the stock exchange for inspection, even though they were later cancelled.
That would have been fully within the listing rules.
The rules say a listing candidate should submit for inspection ''the dates of and parties involved to all material contracts [not being contracts entered into in the ordinary course of business] entered into by any member of the group within the two years immediately preceding the issue of the listing document''.