Dukang Distillers faces suspension after plan for transfer to Catalist fails
WATCH-LISTED baijiu maker Dukang Distillers Holdings could not get shareholders' approval on Thursday to transfer its listing status to the Catalist junior board.
As such, Dukang faces a trading suspension or delisting from the Singapore Exchange mainboard if it does not record a full-year consolidated pre-tax profit and a six-month average daily market value of at least S$40 million within 36 months from Dec 4, 2019.
The board said that Dukang and its directors "intend to take active steps" to meet these criteria, but warned that there is no guarantee of success, in a bourse filing after a special general meeting in the afternoon. The planned listing transfer was scuppered by 98.72 per cent of voters at the meeting.
Still, shareholders have finally approved the decision for Dukang to sell its white liquor business and move into kiwi cultivation.
The interested-person transaction, which involves controlling shareholder Wang Peng, had been on the table since late 2018 and will now see Dukang change its name to China Shenshan Orchard Holdings.
Shares closed at 9.9 Singapore cents, up by 0.4 cent or 4.21 per cent.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama