FJ Benjamin gets more time to exit SGX watch-list

The mainboard-listed retailer has been on the watch-list since December 2016 for sustaining pre-tax losses for more than three consecutive financial years and having a market capitalisation of less than $40 million. It was granted a 12-month extensio
The mainboard-listed retailer has been on the watch-list since December 2016 for sustaining pre-tax losses for more than three consecutive financial years and having a market capitalisation of less than $40 million. It was granted a 12-month extension.PHOTO: LIANHE ZAOBAO

Mainboard-listed FJ Benjamin Holdings has been granted a 12-month extension for exiting the Singapore Exchange (SGX) watch-list.

The new deadline for the fashion group is now Dec 4 next year from Dec 4 this year.

FJ Benjamin has been on the watch-list since December 2016 for sustaining pre-tax losses for more than three consecutive financial years and having a market capitalisation of less than $40 million.

The firm said in a regulatory filing on Thursday that it has "made concerted efforts to increase its profitability", including focusing on profit-making brands and discontinuing loss-making ones while also cutting costs.

This has helped it return to profitability, said the company, noting that it recorded a consolidated pre-tax profit of around $939,000 for the 12 months to June 30 last year.

It said in the filing: "The company continues, as a matter of priority, to explore and undertake various strategic initiatives to improve the market's perception of it, with the aim of meeting or exceeding the $40 million threshold in the near future."

The retailer added that it would continue to employ new initiatives, such as online sales channels and diversifying its brand portfolio to "rise above the challenges" from the retail outlook in Singapore, Malaysia and Indonesia, as well as the changes in consumer behaviour.

The group in March landed the exclusive distributorship for Baume & Mercier watches in Singapore and Malaysia for three years.

A subsidiary also bagged an exclusive deal to sell Faure Le Page, a French luxury bag brand, in Singapore for five years.

FJ Benjamin shares closed up 3.3 per cent at 3.1 cents yesterday.

A version of this article appeared in the print edition of The Straits Times on June 22, 2019, with the headline 'FJ Benjamin gets more time to exit SGX watch-list'. Print Edition | Subscribe