Trading in Yi-Lai Bhd's shares was suspended until Friday's midday break after the company announced the waiver application for Aspen Vision group was rejected by the Securities Commission.
The waiver is part of the reverse takeover (RTO) corporate exercise which would have seen the entry of Aspen Vision Group, an up and coming property developer from Penang, into the capital market.
Tile-maker Yi-Lai, which sought the voluntary suspension from 10.47am and to resume at 2.30pm, said Aspen did not meet the criteria of at least three full years track record as required under paragraph 7.03(b) of the Equity Guidelines issued by the SC.
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The waiver is part of the reverse takeover (RTO) corporate exercise which would have seen the entry of Aspen Vision Group, an up and coming property developer from Penang, into the capital market.
Tile-maker Yi-Lai, which sought the voluntary suspension from 10.47am and to resume at 2.30pm, said Aspen did not meet the criteria of at least three full years track record as required under paragraph 7.03(b) of the Equity Guidelines issued by the SC.
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