SINGAPORE: Mainboard-listed Radiance Group says a Supreme Court in the British Virgin Islands has ordered liquidators to be appointed for its controlling shareholder, Thumb China Holdings.

Thumb China is an investment holding company wholly owned by Radiance chairman Sun Jiangrong.

It holds a 52.4 percent stake in the Singapore-listed firm.

Under the court order, the liquidators will be responsible for identifying, taking control of, protecting and preserving Thumb China's assets.

Radiance says based on its preliminary review, it believes that this latest development is not expected to have any material impact on its current business activities and operations in Shanghai and Shenzhen.

- CNA/ir