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EMS Energy on Friday said that its sponsor has applied to the Singapore Exchange for a time extension to submit its proposal to resume trading, on the grounds that it needs more time to implement various schemes of arrangement among its subsidiaries.
It said that it needs up to 12 months to convene various meetings with shareholders and creditors, assess decisions to liquidate and divestment strategies, given a complicated web of creditor/debtor relationships among its subsidiaries, as well as time to negotiate with potential investors.
EMS has sought a waiver from compliance with the Catalist rules in this regard and has been granted an extension of 12 months till Sept 25, 2018, to submit the proposal.