BM Mobility to be delisted, must make reasonable exit offer

Transport company BM Mobility will be delisted from the mainboard after it failed to comply with conditions that would have allowed it to get an extension of time to resume trading.

The company received a delisting notification from the Singapore Exchange (SGX) on Monday.

BM Mobility must now provide a reasonable exit offer to shareholders and inform the SGX of it "no later than one month from the date of the notification of delisting". The firm must also provide updates on the status of the proposal.

The company, which operates in the areas of green energy, charging equipment and electric vehicles, asked for a trading suspension in July last year under a listing rule where the issuer is unable to continue as a going concern.

If trading is suspended under this rule, a firm must submit a proposal with a view to resuming trading within 12 months of the suspension or risk being delisted.

BM Mobility said on May 29 that its interim judicial managers had received a non-binding expression of interest from an online game developer and operator in China for a potential restructuring involving a transfer-of-listing exercise.

The firm said it was engaging in talks with the company and wanted an extension of time to observe its listing obligations.

BM Mobility said on June 16 that it had been granted extensions until Aug 31 to sign an acquisition agreement. On Aug 31, it said that no definitive agreement had been signed.

The SGX's delisting notification said BM Mobility did not fulfil the conditions for an extension as it had not submitted a resumption proposal and no acquisition deal had been signed by the deadline.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on September 16, 2020, with the headline 'BM Mobility to be delisted, must make reasonable exit offer'. Print Edition | Subscribe