Citing its own finances, Raffles Instructure is not making an offer too. While it held cash of RMB85.1 million as at March 31, it faces impending payables of more than RMB160 million, according to the June 30 statement by Ryan Chiu Tzong Min, the company's deputy CEO and executive director.
Trading of Raffles Infrastructure shares has been suspended with effect from July 3, one month after the company received a delisting notice from the exchange for not showing it can exit the watch list.
As required, the company had tried looking for parties willing to make an exit offer for shareholders. However, as of June 30, none of the top 20 shareholders, nor third-party investors, had indicated any interest to do so.
