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FUNG Choi Media is preparing for the delisting of its shares from the mainboard of the Singapore Exchange.
In an SGX filing on Wednesday, the Bermuda-incorporated company said that the reasons for its delisting include the lack of prospect for any corporate rescue or restructuring or sale of the company's business, and the company is hopelessly insolvent.
Fung Choi said that on June 21, the SGX has advised that it has no objection to the application for delisting, and an immediate announcement must be made of the delisting application granted.
The liquidators are working with the SGX to confirm the delisting date and other matters in relation to the company's delisting. A further announcement will be made once the delisting date is confirmed.