SINGAPORE - Rich Capital Holdings, formerly known as Infinio Group, on Thursday (June 28) said the Singapore Exchange has advised that it has no objection to the continued listing of the company on the Catalist board.
In January, Rich Capital had applied to seek for an extension of time to June 30, 2018, to demonstrate that it has a viable business to maintain its listing status.
In its decision, SGX said it had taken into account the successful fund-raising exercises done by the company which raised about $26.8 million, shareholders' approval obtained for its business diversification into property development and specialist construction services, and the fact that the company has secured the acquisition of three property development projects in Singapore and Indonesia.
Notwithstanding SGX's decision, Rich Capital said shareholders and potential investors should note that in the event that the company is unable to continue as a going concern or is unable to demonstrate it is able to do so, the exchange may suspend trading of its shares.
In a separate announcement on Thursday evening, Rich Capital said that it has completed the purchase of a property on an industrial plot of land at No 6 Kim Chuan Terrace from Hup Heng Enterprise Company for $10.8 million.
The company's name change in March followed shareholders' approval for its diversification into the property business.