Construction firm Swee Hong gets delisting notice
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Swee Hong was placed on the SGX watch list on Dec 5, 2016.
PHOTO: SWEE HONG LIMITED
SINGAPORE (THE BUSINESS TIMES) - Distressed construction engineering company Swee Hong has received the notification of delisting, after failing to meet the required financial criteria and market capitalisation to be removed from the watch list.
In a regulatory statement on Sunday (Aug 23), the company said that Singapore Exchange Securities Trading has notified it that it is to be delisted by Sept 21, and that a fair and reasonable exit offer proposal must be offered to shareholders and holders of other classes of listed securities.
Swee Hong was placed on the SGX watch list on Dec 5, 2016, based on the financial entry criteria. But the firm failed to improve its financials and market capitalisation in order to be removed from the watch list despite being given three years to meet the requirements.
Trading in shares of Swee Hong has been suspended since May last year with their last closing price at 0.3 cent.
