By Mak Yuen Teen
China Sky Chemical Fibre, which has been suspended since August 2016 and under judicial management since September 2018, has just posted an announcement today, 27 April, that SGX has rejected its request for a further extension of time to its final extension to submit a resumption proposal. Therefore, it will be delisted. This is really long overdue.
Its problems go back a long way and coincidentally, exactly 10 years ago today, I wrote a commentary in The Business Times about the company, especially about one of its then independent directors. Those who are interested in a trip down memory lane may be interested in reading it and I have therefore posted it below.
When a company has serious issues, there is rarely a way back. It’s just prolonging the inevitable in many cases, and just bleeding more cash from the company.
