TORONTO, July 25, 2018 /CNW/ - Sunwah International Limited (TSX: SWH) ("Sunwah"), an Asian based financial services firm, announces that the Toronto Stock Exchange (the "TSX") has informed Sunwah that its common shares listing is under review with respect to Sunwah's ability to meet listing requirements. This remedial review by the TSX was anticipated following the deconsolidation of Sunwah's interest in Sunwah Kingsway Capital Holdings Limited ("SWK") due to Sunwah's decision to forego participation in SWK's recent open offer, as previously announced on May 15, 2018, and the settlement of approximately CAN$7.66 million in debt using SWK shares, as previously announced on June 21, 2018 and subsequently completed on July 13, 2018. As a result of these transactions, Sunwah's interest in SWK has been reduced down to approximately 28%.
Sunwah has been granted 120 days in which to regain compliance with the TSX listing requirements pursuant to the TSX's remedial review process. There is no assurance that Sunwah will successfully regain compliance within this time period. Sunwah's listed shares remain trading on the TSX at this time.
About Sunwah International Limited
Founded in 1990, Sunwah International Limited (TSX: SWH) represents the financial services division of Sunwah Group, one of Asia's most prominent multi-national conglomerates. The Company's primary investment interest, Hong Kong based Sunwah Kingsway Capital Holdings Limited, is listed on the Stock Exchange of Hong Kong under the stock code 00188. 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.
SOURCE Sunwah International Limited
For further information: Kristen Humphrey, Sunwah International Limited, +1.416.888.2323, [email protected]