Shares of Indonesian coal mine owner Resources Prima Group crashed 44.8% in one day; The telephone number it provided in its recent SGX filings turned out to belong to a corporate secretary firm that did not know how to reach Resources Prima

http://infopub.sgx.com/FileOpen/Sky_One_Holdings_-_Circular_dated_30_Sep_14_(without_Appendix_F).ashx?App=Prospectus&FileID=23388

THE PROPOSED CHANGE OF AUDITORS
The current auditors of the Company are Mazars LLP. The Directors are proposing the appointment of Baker Tilly TFW as auditors of the Company in respect of the forthcoming financial period following the Acquisition Completion. Following the Acquisition Completion, the principal business of the Sky One Group (with the exception of the business in PT Energy) will be replaced by the business of the Target Group. As such, the New Board is of the opinion that Baker Tilly TFW will be more familiar with and better positioned to act as the auditors of the Company following the Acquisition Completion and the Disposal Completion.

Mazars LLP Partner in charge – Lai Keng Wei

Baker Tilly TFW LLP Partner in charge – Khor Boon Hong

Indonesian mine owner’s shares plunge 44.8%

16 January 2015

Straits Times

SHARES of Indonesian mine owner Resources Prima Group crashed as much as 47.5 per cent yesterday, prompting the Singapore Exchange (SGX) to ask the firm to explain any possible reasons for the plunge. The bourse queried the company at around 3pm, pointing to “unusual price movements in your shares recently and unusual volume movements in your shares today”. From its closing price of 18.3 cents on Wednesday, the stock fell to as low as 9.6 cents – 47.5 per cent down – before recovering slightly. It ended at 10.1 cents, down 8.2 cents or 44.8 per cent. It was the day’s most active counter on turnover of 105.7 million units, a sharp jump from the 18.2 million shares that changed hands on Wednesday.

Resources Prima, which listed on the Catalist in November last year via a reverse takeover of Sky One Holdings which valued the miner at 20 cents apiece, could not be contacted. The telephone number it provided in its recent SGX filings turned out to belong to a corporate secretary firm that did not know how to reach Resources Prima. Its sponsor, Mr Alex Tan, who is chief executive officer of Canaccord Genuity Singapore, also could not be reached. Resources Prima’s business is coal exploration and coal mining in East Kalimantan. It is led by chief executive Agus Sugiono, who joined the board last November.

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