Yorkshine Holdings to delist from Sept 28, unable to give reasonable exit offer

YORKSHINE Holdings will be delisted from the Singapore Exchange's Mainboard from 9am on Sept 28, the tin-plate manufacturer said in a clarification on on Friday, following its notification of its delisting the day before.

Trading in its shares has been suspended since Aug 3, 2017.

In its delisting notification, Yorkshine said it was not presently able to provide a reasonable exit offer to shareholders.

"The board is of the view that the group would not be able to realise the full value of its assets if it were to undertake a voluntary liquidation and/or sell off its assets, especially in the current depressed economic climate resulting from the Covid-19 pandemic," it said.

"In addition, the valuation of the group's main assets, being the factory and equipment located in Taizhou (China), have decreased."

An audit of its only operating subsidiary for the financial period ended Jan 31, 2020 found that the unit had net liabilities of 47.5 million yuan (S$9.4 million).

The company will continue to exist as an unlisted public limited company, with all its existing shareholders after its delisting.