Stratech unable to make exit offer, to be delisted on Oct 23

The Stratech Group is unable to make an exit offer ahead of its delisting as the funds maintained by the company are insufficient to settle creditors' claims in full, its liquidators said on Monday in a regulatory update.

The company's securities will be delisted from the Singapore Exchange (SGX) at 5pm on Oct 23.

On Sept 14, Stratech's court-appointed liquidators from BDO Advisory wrote to the company's controlling shareholder - a bankrupt - to provide the former with an exit offer by Sept 25. As of Monday, the controlling shareholder did not provide an exit offer.

SGX on Sept 10 gave notice that it would proceed to delist Stratech as the company failed to submit a proposal to resume trading of its shares despite being given more than three years to do so.

The trading suspension began in August 2017, after an earlier trading halt could not be lifted because the Stratech group of companies was in a negative equity position and seeking to undertake a rights issue to pay off operational costs.

The surveillance technology provider's controlling shareholders were the husband-and-wife team of executive chairman David Chew and executive director and chief corporate officer Leong Sook Ching.

THE BUSINESS TIMES