Singapore developer seeks trading suspension on queries over Myanmar project

Emerging Towns & Cities Singapore

02/03/2021 18:59

March 2 (Reuters) - Emerging Towns & Cities Singapore Ltd
 EMER.SI  (ETC) on Tuesday requested that trading in its shares
be suspended and the real estate developer said it would conduct
a review of its contracts with Myanmar government ministries and
departments.
    ETC is among companies being called out by activists over
ties to the Myamar military, which seized power from the elected
government in a Feb. 1 coup.  urn:newsml:reuters.com:*:nL4N2KW0EO
    The Singapore Exchange last week issued a list of queries to
the company, which is developing a commercial and residential
project in Myanmar called Golden City being built on land leased
from the Myanmar army.
    ETC said it would review material contractual payments to
the Myanmar government and fund raising proceeds from recent
years.  urn:newsml:reuters.com:*:nSNZ6XNMf4

 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Shounak
Dasgupta)
 ((Shashwat.Awasthi@thomsonreuters.com))