SINGAPORE - Watch-listed China Essence Group said on Wednesday (July 5) that it has received a delisting notice from the Singapore Exchange (SGX).

China Essence was placed on the SGX Watchlist in June 2014.

Its shares have been suspended since September 2015, due to its unclear state of affairs after unauthorised transactions entered into by the previous management were discovered.

The group had applied to the SGX for a 24-month extension to apply for its removal from the Watchlist, but this was rejected.

The group said that despite its best efforts, its attempted rescue plan had failed to materialise.

Listing rules require China Essence or its controlling shareholders to provide a reasonable exit offer to shareholders.

The SGX has granted the company an extension of time for a reasonable exit offer to be made to shareholders.