Jawala asks to resume shares trading on release of unit’s bank accounts

CATALIST-LISTED Jawala has requested its shares to resume trading with effect from April 23 at 9am, after Malaysia’s anti-graft regulator unfroze its subsidiary Jawala Plantation Industries’ (JPI) bank accounts.

JPI’s bank accounts with CIMB Bank Berhad and Public Bank Berhad were suspended last November amid a probe by the Malaysian Anti-Corruption Commission, and the trading of Jawala shares were thus voluntarily suspended from Nov 12, 2018. The monies were released in March.

Since the regulator has lifted fully the suspension of the bank accounts, Jawala’s legal counsel is of the view that such a move normally meant that the regulator has completed its investigation and is unlikely to freeze assets of Jawala or JPI again, the Malaysian timber company said on Monday night.

Jawala and its legal counsel are not aware of the reasons for the investigations by the commission, and have not been informed of any findings from the probe.