10 companies added to SGX watch list as review resumes after Covid-19 break
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The companies had accumulated losses in their past three financial years.
PHOTO: ST FILE
Chong Xin Wei
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SINGAPORE - Nine companies were placed on the Singapore Exchange Regulation (SGX RegCo) watch list on Tuesday, while Trek 2000 – the firm that invented the ubiquitous thumb drive – has been included since Monday.
This came as SGX RegCo recommenced its half-yearly review of the watch list last Thursday.
It had suspended the reviews in June and December for both 2020 and 2021. The move was to allow issuers to overcome business and economic challenges, and deal with any resultant liquidity issues caused by the Covid-19 pandemic on business operations, SGX RegCo said previously.
The nine companies are trading company Intraco; investment holding companies Jadason Enterprises and British and Malayan Holdings; offshore and marine companies Beng Kuang Marine and Amos Group; Datapulse Technology, which is mainly involved in the property business; property company IPC Corporation; vessel-chartering company CH Offshore; and offshore company Jasper Investments.
The companies had accumulated losses in their past three financial years.
If they do not meet the relevant requirements to exit the SGX watch list within 36 months, they may be delisted or have their shares suspended with a view to a delisting.
Rule 1314(1) of the listing manual states that a watch list company has to record consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts, and also needs to have an average daily market capitalisation of $40 million or more over the preceding six months, in order to exit the watch list.
Intraco, Jadason Enterprises, British and Malayan Holdings, Beng Kuang Marine, Datapulse Technology, CH Offshore, Jasper Investments and Trek 2000 have in the meantime told their respective shareholders and business partners that business will continue as usual, and that trading of their shares will continue unless a trading halt or suspension is effected.
The companies noted that they will provide quarterly updates on their efforts and progress in meeting the watch list’s exit criteria. These include their financial situation, future direction, or other material developments that may have a significant impact on their financial positions.
Intraco, IPC, Beng Kuang Marine, Amos Group and CH Offshore also said their respective board and management “will endeavour to comply with the financial exit criteria within 36 months”, and that they will make necessary announcements where appropriate.
Most of the companies’ shares fell on Tuesday, with Jadason Enterprise down as much as 25 per cent to 1.2 cents, while Trek 2000 fell 22.3 per cent to 4.9 cents.
But CH Offshore was up by 12.7 per cent to close at 6.2 cents.
Amos Group and IPC closed unchanged.
Shares of British and Malayan Holdings last traded at $2.96.
Jasper Investments closed at 0.3 cent on Monday while Datapulse ended at 9.8 cents.
