SINGAPORE (THE BUSINESS TIMES) - Epicentre Holdings plans to delist without making an exit offer, the former authorised reseller of Apple products announced in a bourse filing on Tuesday (Jan 18).
The announcement came after a hearing on Thursday (Jan 13), when the High Court ordered that its judicial management order be discharged and that the company be wound up.
According to Singapore Exchange (SGX) rules binding applications for delisting, the company should convene a general meeting to obtain shareholder approval and make an exit offer to shareholders.
However, Epicentre said that it "does not have the means" to do so, given its present financial status. It has thus requested that the SGX waive the requirements.
"The liquidators also wish to say that we have not received any indication from the Company's controlling shareholder or creditors of their interest in making an exit offer," Epicentre said.
The company has been under judicial management since 2019. Its shares were suspended from trading that year.
Epicentre, which opened in 2002, sold all its four storefronts in June 2018, citing stiff competition as a reason for its poor sales. At one point in 2011, it had more than 10 stores in Singapore, Malaysia and China.
In early December 2019, the company's former chief executive and executive chairman Kenneth Lim was reported to be facing a bankruptcy petition over a debt of $588,020.
However, he had been uncontactable since late May that year. The company requested a trading suspension shortly after his disappearance and fired him in July 2019.
