SINGAPORE - Q&M Dental Group announced on Monday (Sept 17) that its associated company Aidite (Qinhuangdao) Technology Co has proposed on Sept 14 to make an application to delist its shares from the National Equities Exchange and Quotations of the People's Republic of China (New Third Board) to "explore certain strategic business development opportunities".
Aidite, the dental supplies manufacturing business in China, was spun off from Q&M Dental Group in 2016 and got approval to list in the New Third Board that year.
The proposed delisting is subject to the approval of the shareholders of Aidite and the New Third Board. Aidite is proposing to table the proposed delisting for the consideration of its shareholders in its second extraordinary general meeting to be convened.
Aidite also said that the proposed delisting has been approved by its board of directors during the 13th board meeting on Sept 13, 2018 and that it has obtained written agreement from all its shareholders to support the proposed delisting.
Q&M Dental Group said that it has considered the proposed delisting and has agreed to support it. "The decision to delist is in no way indicative of the prospects of Aidite," it added.