Nico Steel gets 1-year extension to exit SGX watch-list

SINGAPORE - The Singapore Exchange (SGX) has granted Nico Steel Holdings a one-year extension to exit the bourse's watch-list by Sept 4, 2020, failing which it will need to provide a reasonable exit offer to its shareholders.

The metals supplier applied for the extension based on healthier cash flow from its operating activities, as it recorded a pre-tax profit of US$209,000 for the financial year ended Feb 28, 2018, and a pre-tax profit of US$469,000 for the fiscal year ended Feb 28, 2019.

As at Feb 28, 2019, the group said it has a positive operating cash flow of US$798,000 and is in a net cash position of US$5 million.

It was placed on the watch-list on Sept 5, 2016, and had three years to exit the list by Sept 4, 2019, or face being delisted by SGX.

Nico Steel shares were trading flat at $0.004 as at 1.53pm.