Compact Metal Industries' unaudited results scupper bid to exit watch list; firm given extension

COMPACT Metal Industries announced that a bid to exit the Singapore Exchange's watch list has failed as the company has not yet completed audit of its financial statements for the 2017 financial year.

However, the aluminium product supplier said that SGX has granted it an extension of one month till Apr 2, 2018 to meet the requirements for an exit from the watch list.

Compact Metal was placed on the watch list on Mar 4, 2015.

The company is to make an application to exit the list by the extended period upon completion of the audit, said executive director and managing director Zhang Zengtao in a statement.

In its previous submission to SGX, Compact Metal cited its full-year financial results announced on Feb 26 as satisfying the requirements of SGX listing.

For the financial year ended Dec 31, pre-tax profit was S$3.99 million. Its average six-month daily market capitalisation was also in excess of the regulatory requirement of S$40 million.