Reported in The Edge Daily 20/4/06:
“Hospitech Resources Bhd is being investigated by the Securities Commission (SC) for possible breaches of securities laws following the withdrawal of its proposed listing on the Mesdaq Market on April 19. The SC said in a statement on April 20 that the investigation is based on information received recently.

Hospitech’s directors had on April 19 voluntarily withdrawn its intended listing without giving any reasons for the move. It said all the monies received pursuant to the IPO exercise, which are currently held in trust accounts, would be refunded expeditiously. According to the statement, its adviser Avenue Securities Sdn Bhd and the issuing house MIDF Consultancy and Corporate Services Sdn Bhd are managing the return of the monies to successful applicants who have subscribed to the IPO.

As part of its IPO, the company offered for sale 37.8 million new shares of 10 sen at 32 sen each. The public portion of 7.55 million shares was 18.4 times oversubscribed and the exercise had intended to raise RM12.1mil.
Another swift action from the Securities Commission