Curious goings on at Aim-listed Canton Property Investment.
The company, which owns one shopping mall in China and is developing two others, has asked to its shares to be suspended after the unexplained disappearance of founder, executive chairman and 43% shareholder Keng Wong.
Wong disappeared around two weeks ago, and the company has since been trying to trace him via phone and visiting his addresses. He had apparently complained of feeling unwell shortly before he vanished.
Sources close to the company said there was no evidence of any malfeasance. But with Wong unavailable, the board met yesterday to decide on a replacement. No decision was made, and subsequently non-executive director Sir David Brewer - a former Lord Mayor of London - and financial officer Dennis Yau resigned. It is believed they were frustrated at the lack of progress in appointing a successor to Wong.
Given the situation, the company's advisers thought the best course of action was to suspend the shares until the situation is resolved. At its suspension price of 20.5p, Canton Property is valued at £96m.
The company is also seeking funding to complete its two unfinished projects. So far it has used its own cash resources, but now needs to find short term financing while it secures longer term funding for the Mall of Canton and Canton Finance Centre.
