Media Asia Group's proposed listing on theSingapore stock exchange has reportedly been put on hold as the MonetaryAuthority of Singapore (MAS) has requested further information about somemembers of the company's management team.
One of Hong Kong's leading production anddistribution companies, Media Asia is planning to raise around US$10m from theIPO which would be used to increase output and co-production activity withChinese partners.
The company expected to list in July and helda star-studded roadshow at Singapore's Raffles Hotel in June to whip upinvestor interest. But although the Singapore stock exchange has grantedapproval for the listing in principle, the MAS is still reviewing theapplication.
According to Hong Kong newspaper reports, theMAS has requested further information about the private companies controlled ormanaged by some members of the management team headed by Peter Lam.
Media Asia is currently 49.77% owned by mediaand entertainment group eSun Holdings which in turn is 42.54% owned by heavilyindebted property developer Lai Sun Development. Esun is one of Lai Sun's majorcreditors and is owed $192.3m (HK$1.5bn) by the company.
Local reports also suggest that the legaltroubles of Lam's father and Lai Sun honorary chairman Lim Por-yen may havecontributed to the delay.
Lim, who is a controlling shareholder inMedia Asia, was convicted on bribery charges by the District Court in Taipei in1999. Media Asia's prospectus outlines the case and says that Lim is continuingto appeal against the conviction.
Media Asia declined to comment on the delay
Media Asia currently has three high-profileprojects in post-production - US$13m racing car action drama