Reenova Investment not in financial position to make exit offer: liquidator

THE liquidator of Reenova Investment Holding has said the company is “not in a financial position to make an exit offer” in accordance with SGX listing rules.

In a bourse filing on Saturday (Dec 9), the liquidator, Luke Furler, noted that Reenova – which had been issued a notice of delisting from SGX last month – currently does not have sufficient funds to settle its creditors’ claims in full.

The liquidator added it has written to Reenova’s largest shareholder, who holds 14.7 per cent of the company’s total issued and paid-up share capital on whether it intends to make an exit offer to the remaining shareholders of the company.

The liquidator has not received a response from the largest shareholder as at Saturday.

Reenova has been on the financial watch list since December 2019. It requested for a trading suspension in November 2020 as it was unable to demonstrate its ability as a going concern.

The company was placed under judicial management in August 2022, and the judicial managers subsequently applied for the winding up of the company, which was approved by the court in August this year.