Resources Prima wants another 6-month extension for trading resumption proposal

SINGAPORE - Catalist-listed Resources Prima Group will be seeking a further extension of six months to submit its resumption of trading proposal (RTP), it said in a bourse filing on Friday morning (March 29).

It is also asking for a six-month extension to fill a vacancy in its audit and risk management committee and to hold its annual general meeting for the financial year ended Dec 31, 2018.

The Singapore Exchange (SGX) had previously granted the company an extension till March 28 to submit the RTP and to to fill the vacancy in the audit and risk management committee.

In an SGX filing on Nov 12 last year in which the company had announced the earlier extension, Resources Prima highlighted that it was strongly committed to restructuring the company and turning it around. It also said at the time that management and its directors had made good progress in delivering tangible milestones to address concerns fom the SGX, in particular the submission of a resumption proposal by an earlier deadline of Sept 28, 2018, to address its financial and business viability issues.

Trading in the shares of the company has been suspended since June 28, 2017, as the board was of the view at the time that the company could not continue as a going concern due to its main operating subsidiary, PT Rinjani Kartanegara. The unit was declared bankrupt on Oct 9, 2017.