SINGAPORE - Mainboard-listed electronics contract manufacturer Huan Hsin Holdings will ask for more time to make a mandatory exit offer, its board said on Monday morning (Jan 21) - two days after the original deadline.
Huan Hsin was handed an ultimatum to delist in December 2018, with the Singapore Exchange (SGX) citing the company's repeated failure to meet listing requirements for profitability and market value.
It was told to have a "reasonable" exit offer proposal by Jan 19, after the SGX declined to give a fourth extension to a March 4, 2016 deadline for meeting requirements and leaving the market watch-list.
The board has now said that Huan Hsin plans to apply to the SGX for an extension of time to submit the exit offer proposal. "The company will make the appropriate announcements as and when there are any material updates on the aforesaid application," it added, in a bourse filing signed by chairman and substantial shareholder Hsu Hung Chun.
The board had originally announced that it intended to appeal against the SGX's delisting decision and, as at Dec 19, 2018, said that it was consulting "relevant professional parties".
Trading has been suspended since Jan 18 and must remain so until the exit offer is completed.
Huan Hsin last closed at 1.4 cents. The stock has a market value of $5.6 million.