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Asia Resources

  • BY: Andrew Hore |
  • POSTED: 24/12/2009 |

Five directors have resigned from the board of Asia Resources leaving chief executive Peng Hoong Leong as the only director.

This follows the resignation of nominated adviser ZAI Corporate Finance on 16 December. The shares were suspended at 1.75p each, which values Asia Resources at £2.62m.

The latest departures make it look less likely that the gold trader and jewellery manufacturer will find a new nominated adviser before the month is up.

Dennis Edmonds (chairman), Michael Stainer (finance director), Lip Lin Tan, Dato Haji Sulaiman bin Abu Bakar and Ong Chong Hua have all stepped down from the board.

Revenues rose by one-fifth to MYR749.5m in the first half of 2009, helped by the rise in the gold price. However, gross margins have fallen and pre-tax profit declined from MYR3.16m to MYR2.69m. Net debt was MYR40m at the end of June 2009.

When Lin Shoon Jewellers reversed into Asia Resources at the start of 2008 it failed to disclose that it was in dispute with E-Qirad Sdn Bhd.

The sale of the company’s money lending operation has been unwound because the proposed buyer never paid.

Religare Hichens Harrison is still broker. 

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