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Cacola Furniture, Compact Metal face delisting as SGX denies watch-list extensions
MAINBOARD-LISTED Cacola Furniture International and Compact Metal Industries are facing delisting after Singapore Exchange (SGX) denied their requests for extra time to exit the watch-list.
Both companies are appealing. They were added to the watch-list after posting three straight years of losses with market caps below S$40 million.
They have to post at least one profitable year and raise their market caps above S$40 million to exit the watch-list.
Sofa maker Cacola, which was watch-listed in 2014, will be delisted on April 3 and is required to present an exit offer no later than the delisting date.
Cacola's directors are citing the company's 2016 profit and adjusted cash-flow position as supporting factors.
Compact Metal, an aluminium products supplier, was added to the watch-list in 2015. It did not provide details of its appeal.