Dapai International asked to delist on Aug 10

BACKPACK maker Dapai International Holdings Co has been given until 5.05pm on Aug 10 to delist from the Singapore Exchange's (SGX) main board.

It said in a release on Tuesday morning before market open that SGX informed it on July 10 that it did not meet a stipulated requirement to continue to be listed.

As such, the company or its controlling shareholder(s) has to make a reasonable exit offer to shareholders.

The rule requires that the issuer records consolidated pre-tax profit for the most recently completed financial year (based on the latest full-year consolidated audited accounts) and has an average daily market capitalisation of S$40 million or more over the last six months.

It also has to record a volume-weighted average price of at least S$0.20 and an average daily market capitalisation of S$40 million or more over the last six months.