Friday, June 4, 2010

Kenmark falls on resuming trade

KUALA LUMPUR: Kenmark Industrial Co (M) Bhd's shares were the most active in early trade on Tuesday, June 1 when the stock resumed trade after being suspended Monday.

At 9.20am, some 60.6 million shares were traded. The counter fell five sen to 5.5 sen.

Kenmark's share price tumbled on Monday after top officials of the company went missing, leaving suppliers and at least two local financial institutions that had extended loans amounting to at least RM72 million high and dry.

Kenmark's independent directors Zainab Abu Bakar and Yeunh Wee Tiong on Monday informed Bursa Securities managing director James Hwang and deputy general manager Goh Kim Chon have resigned from the company.

The independent directors said they had on Saturday gone to the company's premises at Port Klang and noted that the premises have been sealed.

"The independent directors then met up with the former executives to seek clarification and was duly notified that the MD has not been contactable since May 25.

On May 26, certain suppliers had gone into the company's premises to recover their stock and raw material, the independent directors said.

The former executives also informed EON Bank Bhd has been duly notified of the situation and EON Bank on May 27 placed their security guard at the premises and EON Bank would appoint a receiver over the assets of the company.

The independent directors said they will make an appointment to meet with Bursa Securities on Monday on the matter as they were willing to co-operate with all parties concerned.

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