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Swee Hong to be added to SGX watch-list; Samko Timber to exit watch-list
SWEE Hong Limited will be placed on the Singapore Exchange's watch-list from Monday, for failing to meet the exchange's minimum continuing criteria.
The company has recorded pre-tax losses for its three most recently completed consecutive financial years. It has also had an average daily market capitalisation of less than S$40 million over the last six months.
Swee Hong has 36 months from Monday to take "active steps" to restore its financial health and meet the conditions needed to get itself off the watch-list.
To do that, the firm must record a consolidated pre-tax profit for the most recently completed financial year, based on the latest full year consolidated audited accounts. It must also have an average daily market capitalisation of S$40 million or more over the last six months.
Failing which, the exchange will delist the company or suspend trading in the latter's shares with a view to delisting it.
Separately, Samko Timber said on Sunday that it will be removed from the watch-list with effect from Monday. In March this year, the company had been put on the watch-list because of the SGX's minimum trading price requirement.
"The exchange has assessed the company for removal from the watchlist and based on the company's average daily market capitalisation over the last six months, the company has been advised on Dec 2, 2016 by the (exchange) that the company will be removed from the watch-list with effect from Dec 5, 2016," Samko Timber said.