TORONTO, April 20, 2015 /CNW/ - Sunwah International Limited,TSX: SWH (the "Company"), an Asian based financial services firm, announces that Toronto Stock Exchange ("TSX") has informed the Company that its common shares are under review regarding its ability to meet continued listing requirements. The TSX review was anticipated as it follows the completion of a recent insider bid, which resulted in a reduction of the public distribution of the Company's securities.
In particular, TSX is reviewing the Company with respect to supporting adequate public distribution, pricing and trading activity of the Company's securities as well as its ability to maintain a minimum of 150 public security holders of a board lot. The Company has been granted 120 days in which to regain compliance with the TSX listing requirements pursuant to the TSX's Remedial Review Process.
Perfect Dream Holdings Limited ("Perfect Dream"), a company jointly owned by Dr. Jonathan Koon Shum Choi and Mr. Michael Koon Ming Choi (the Company's Chairman and Executive Director respectively), completed an insider's offer in March 2015, resulting in Dr. Jonathan Choi and Michael Choi now beneficially owning, directly or indirectly, or exercising control or direction over, an aggregate of 85,221,734 Shares, representing approximately 91.5% of the issued and outstanding Shares.
As previously stated, Dr. Choi and Mr. Choi are committed to taking reasonable commercial steps for the Company to maintain its listing on the TSX and to comply with the TSX's market value and public distribution requirements. The Company is now working with Perfect Dream and its shareholders to implement proactive remedial actions to comply with the TSX's listing requirements. The Company also intends to further address the considerable undervaluation of its shares relative to its NAV through enhanced marketing efforts and overall amplified investor relations program.
About Sunwah International Limited
Sunwah International Limited (TSX: SWH) is a strategically positioned asset-based financial services provider, linking the global investment community with China's high growth economy. Founded in 1990 and backed by prominent Hong Kong based conglomerate, Sunwah Group, a key element of the Company's growth strategy involves identifying and advancing select international opportunities that are poised to benefit from proliferating consumerism in China and development in key areas of Southeast Asia. Sunwah International is uniquely positioned to capitalize on this demand and the global economic changes stemming from this shift, leveraging a 24-year track record and an extensive relationship/strategic investor network throughout Asia. The Company operates from six offices located in Hong Kong, Beijing, Shanghai, Shenzhen, Macau and Toronto.
The organization's primary Hong Kong based subsidiary, Sunwah Kingsway Capital Holdings Limited, is listed on the Stock Exchange of Hong Kong under the stock code 188. Sunwah Kingsway is licensed to provide a range of financial solutions in Hong Kong and abroad that include award-winning brokerage services and innovative corporate finance offerings.
Founded in 1990, the Company is listed on the Toronto Stock Exchange under the symbol SWH.
SOURCE Sunwah International Limited
For further information: Kristen Humphrey, Sunwah International Limited, (416) 888-2323, [email protected]