Beijing Gas to delist from SGX mainboard

BEIJING Gas Blue Sky Holdings said before Friday trading hours, the Singapore Exchange Securities Trading (SGX ST) has confirmed that it has no objection to the company delisting from the mainboard of Singapore's bourse.

Beijing Gas said that it has sought the proposed delisting because trading volume of its shares on the mainboard has generally been thin and this results in a lack of liquidity of the shares listed here.

It made this observation drawing on comparison with the trading volume of its shares on the stock exchange of Hong Kong.

It also added that its public float on the Singapore bourse is just over 32.8 million shares or about 0.33 per cent of its total issued shares; so with the proposed delisting, it is looking to cut the compliance costs linked to the requirements of listing on the mainboard here.

SGX ST has advised that it has no objection to Beijing Gas's proposed delisting, subject to several conditions including clear disclosure on the follow-up actions required from and the costs to be incurred by shareholders for the transition.

The company has said that it will bear, among other costs, the transfer fees with respect to the share transfer process from Central Depository (Pte) Ltd to Hong Kong Branch Register.