Nippecraft gets extension till March 1, 2018, to exit SGX watch list

SINGAPORE - Paper products maker Nippecraft has until March 1, 2018, to exit the Singapore Exchange's (SGX) watch list, the company announced on Thursday (June 1).

It received an extension of time for the exit from SGX, after being placed on the list for potential delisting in 2014.

The company had posted three straight years of losses and a market capitalisation below S$40 million.

Nippecraft said the company has undertaken not to incur more than US$150,000 in capital expenditure in 2017, not to incorporate any new subsidiaries or acquire new businesses without shareholder approval, and to put any asset disposals to a shareholder vote.

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If the company is unable to exit the watch list by the new deadline, it has also undertaken to make an exit offer to shareholders.