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Nippecraft has until March 1, 2018 to exit watch list
NIPPECRAFT has until March 1, 2018 to exit the Singapore Exchange's (SGX) watch list after receiving an extension of time to do so by the market regulator, the paper products maker announced on Thursday evening.
Nippecraft, which was placed on the list for potential delisting in 2014 after posting three straight years of losses and a market capitalisation below S$40 million, said that it would have made a pre-tax profit in 2016 if not for one-off expenses. Having taken measures to cut costs and improve profitability, the company believes in its underlying prospects and viability.
Nevertheless, the company has undertaken not to incur more than US$150,000 in capital expenditure in 2017, not to incorporate any new subsidiaries or acquire new businesses without shareholder approval, and to put any asset disposals to a shareholder vote.
If the company is unable to exit the watch list by the new deadline, it has also undertaken to make an exit offer to shareholders.