MAINBOARD-LISTED Seroja Investments has received a notification of delisting, now that its appeal for more time to sign a definitive agreement to acquire a new business has been rejected.

In a regulatory statement on Tuesday (Apr 11), the company disclosed that Singapore Exchange Securities Trading (SGX-ST) had notified it of its failure to meet listing rules, given that talks with a new target company for a potential reverse takeover were still ongoing.

SGX-ST also noted that “there remained significant uncertainties whether any definitive agreement would be executed” between the parties, and that the company must make a fair and reasonable exit offer to its shareholders.

Late last month, Seroja Investments announced plans to apply for more time to meet listing requirements, after it received an email from SGX-ST informing it of the impending delisting notice. The company said then that it was in discussions with a new company for a potential reverse takeover.

These came in the days after Seroja Investments announced that plans for it to acquire Denway Development in a reverse takeover had failed.

Seroja Investments became a cash company after selling its operating business in marine transportation and assets in 2019. It has since been searching for a new viable business in line with listing rules.

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Trading in its shares has been suspended since October 2020; the last closing price was S$0.079.