Quick take: London Biscuits falls 10% amid default, resignation

  • Business
  • Monday, 08 Jul 2019

KUALA LUMPUR: Shares in LONDON BISCUITS BHD lost more than 10% in early trade Monday following news of its default and a series of board resignations.

The confectionery manufacturer, one of the most active counters, fell 10.71%, or three sen to 25 sen with 15.32 million shares traded. 

Last week, the group said its executive director Datuk Ranjeet Singh Sidhu and chief financial officer Edmund Loo Seng Kit had voluntarily resigned, after just two weeks in office.

Its independent and non-executive director Leslie Looi Meng also quit.

Its chairman Datuk Seri Liew Kuek Hin has also tendered his resignation due to health reasons. The 80-year-old,  who controls 21.73% of the group via private unit Meileelanusa Sdn Bhd, had led the group for the past 26 years.

The company has also defaulted on its RM9.83mil debt to Bank of Nova Scotia Bhd.

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