TRANSCORP Holdings will be delisted from the Singapore Exchange (SGX) on Jan 8, 2021 at 9am, it said in a bourse filing on Thursday.

The Catalist-listed firm, which used to be in the automobile sales business, said it received a notification from the SGX RegCo on Dec 8 informing it of the delisting.

Transcorp said its two controlling shareholders will not be making an exit offer to remaining shareholders. One controlling shareholder declined to do so, while the other did not respond.

The company itself will not be making an exit offer to shareholders as it was unable to monetise its inventories and other investment. As a result, it could not generate sufficient funds to make a meaningful exit offer despite its best endeavour.

Transcorp said shares held with the Central Depository (CDP) as at the delisting date will be withdrawn from the CDP, and physical share certificates will be despatched by ordinary mail to shareholders.

It added that it will make further announcements in due course on the dates by when the share certificates will be mailed out.

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Transcorp has been deemed a cash company since May 4, after exiting the unprofitable business of selling and renting out cars. The counter has been suspended since December last year.