Shen Yao Holdings Limited: Key Investor Updates – October 2025

1. Legal Proceedings and Potential Liabilities

• Golden Point Group Pty Ltd Claim: The Company was previously subject to a claim in the Singapore High Court by Golden Point Group Pty Ltd (in liquidation). However, as of 18 February 2025, the Claimant has wholly discontinued any action against Shen Yao Holdings Limited. This removes a significant legal overhang, which could have impacted the Company’s operations and share price.
• Tomson Pte. Ltd. Statutory Demand: Tomson Pte. Ltd. had filed a statutory demand against the Company. Shen Yao Holdings successfully obtained a High Court order on 9 May 2025 restraining Tomson from commencing winding-up proceedings, pending final determination of the Originating Claim. This is a positive development, as it averts the risk of forced liquidation in the near-term.
• Mediation Efforts: The High Court directed the parties to attempt mediation. As of 10 November 2025, mediation failed to result in a settlement, and the matter remains unresolved. The next Registrar’s Case Conference is scheduled for 24 November 2025. Notably, shareholders should be aware that the Company is not a direct party to the Originating Claim, but intercompany balances remain a point of contention.

2. Business Activities and Strategic Developments

• Agent Agreement with JCS INVD PTE LTD: On 21 March 2025, Shen Yao Holdings entered into an agreement to act as agent for JCS INVD PTE LTD, aiming to secure 3,500,000 tons of coal over 24 months. In August 2025, the Company successfully facilitated the execution of a contract for the initial shipment. Delivery is in progress, and Shen Yao is sourcing additional suppliers for diversification. This marks the first operational business activity since the loss of its key subsidiaries.
• Search for New Investors and Funding: The Company is actively seeking new investors and business opportunities to satisfy SGX Catalist Rule 1017(2). It is also engaging with key directors, including Mr Yeo Hock Huat (Chairman) and Mr Yao Liang (Executive Director and major shareholder), to secure additional working capital. Mr Yao has provided continued financial support, though there is no legal obligation for him to do so.
• SGX-ST Listing Extension: An application for a six-month extension to meet new listing requirements was submitted on 21 March 2025 and subsequently updated on 25 April 2025. The outcome is pending, and investors should watch for further announcements regarding the Company’s listing status.

3. Financial Position and Cash Utilisation

• No Operating Business: The Company has no operating business after losing control of Golden Point Group Pty Ltd, Balmaine Gold Pty Ltd, and Ironbark Mining Pty Ltd. Financial statements have not been released since Q1 2022, increasing uncertainty around the Company’s financial health.
• Estimated Assets and Liabilities (as at 31 October 2025):
  • Cash and bank balances: S\$3,000
  • Trade and other receivables: S\$55,000
  • Total assets: S\$58,000
  • Trade and other payables: S\$3,694,000
  • Amount due to Claimant (intercompany balances): S\$40,298,000
  • Borrowings: S\$3,328,000
  • Total liabilities: S\$47,320,000
  • Net liabilities: S\$47,262,000 (negative equity)

  This exceptionally high net liability position raises material concerns about solvency and future viability.

• Cash Flow for October 2025:
  • Opening balance: S\$4,000
  • Interest-free loan from a director: S\$15,000
  • Payments for outstanding expenses: S\$16,000
  • Closing balance: S\$3,000

  The Company is reliant on director loans for cash flow and may seek SGX waivers regarding escrow obligations.

4. Trading Suspension and Shareholder Advisory

• Share Trading Suspension: Shares have been suspended from trading since 24 March 2023. Investors are strongly advised to monitor Company announcements for any developments affecting listing status, business recovery, or legal matters.
• Material Uncertainties: The Company faces unresolved legal claims, severe negative equity, and reliance on director funding. Any progress on business activities, resolution of claims, or successful capital raising could move the share price, should suspension be lifted.

Disclaimer

The information presented is based on unaudited estimates and publicly disclosed Company announcements as of October-November 2025. Investors should exercise caution and consult professional advisers before making any investment decisions. The Company’s financial and legal situation remains highly uncertain, and this update does not constitute investment advice or a recommendation to buy or sell securities.

View Shen Yao Historical chart here