Aussino Group calls for shareholders' meeting to decide on company's future

Bedlinen retailer Aussino Group said on Monday that it is calling for an extraordinary general meeting (EGM) to decide on the fate of the company.

Shareholders will meet on Jan 28 to decide on whether they wish to wind up the company or explore other fundraising options to recapitalise the company.

This comes after the Singapore Exchange (SGX) rejected the company's request to extend the deadline for it to be removed from the bourse operator's watch list last November.

Aussino was placed on the SGX watch list in 2011 after three consecutive years of losses.

The company had attempted to get out of the red through restructuring deals - including a reverse takeover deal with Max Strategic Investments, the energy business of Max Myanmar Group. But the proposed deal was rejected by the SGX in April last year.

The bourse cited concerns over outstanding sanctions against Aussino's deal partner and Myanmar tycoon Zaw Zaw and human rights allegations against Max Myanmar Group for its decision.