Quick take: London Biscuits tumbles 40% on liquidation risks

January 16, 2020 editor London Biscuits

KUALA LUMPUR: LONDON BISCUITS BHD, which has been slapped with a winding-up petition, tumbled 40% in early trade Thursday.

The confectionery manufacturer fell 40%, 1 sen to 1.5 sen with over eight million shares done.

The High Court has granted a winding-up order against London Biscuits’ wholly-owned subsidiary Kinos Food Industries (M) Sdn Bhd for not being able to pay an RM5.003mil outstanding sum owed to Desa Potensi Sdn Bhd.

As such, Ling Sie Kiong of Messrs HC Advisory Sdn Bhd has been appointed as the liquidator of Kinos following the court order on Jan 14.

“Subsequent to the appointment of Ling Sie Kiong as liquidator, the company is currently assessing the situation,” London Biscuits said.

On Oct 4, 2019, London Biscuits announced it received a winding-up petition by Desa Potensi for the sum due by Kinos for the supply and delivery of goods.

Desa Potensi was claiming for RM5.003mil in unpaid invoices issued during the period from April 5 to June 21, 2019.

Source: TheStar