CLSA Premium Suspends Australian Business Due to Ongoing Losses

CLSA Premium, a Hong Kong-focused Forex broker, announced that it has decided to suspend its operations in Australia.

"Given the ongoing losses suffered by the business in Australia and the uncertain future of such business, the board of directors of the company considers that the resources and effort deployed in Australia could potentially be better utilized in the company's development in other areas. On that basis, the board has decided to suspend the operation of the company's Australia business,"the company stated.

In addition, CLSA Premium advised its shareholders and potential investors to exercise caution when dealing in the shares and/or securities of the company.

Earlier this year, the third business wind-up attempt of CLSA Premium failed again as 80% of its shareholders voted against the resolution. At least 75% of the shareholders needed to vote in favor to pass the resolution to close the company.

In the last couple of years, KVB Holdings, one of the shareholders of CLSA Premium which holds around 14.75% of the broker's issued share capital, has moved the resolution to wind up the business but failed for three times.