Compact Metal to exit SGX watch-list on April 5

MAINBOARD-LISTED aluminium dealer Compact Metal announced that it has received in-principle approval from the Singapore Exchange (SGX) to exit the bourse's watch-list with effect from April 5, 2018.

Compact Metal Industries was placed on the watch-list on March 4, 2015.

It had submitted an application to the exchange on March 2, 2018 to have it removed from the list.

Citing its full-year financial results announced on Feb 26, the aluminium product supplier said that it has demonstrated the ability to satisfy the requirements of SGX listing.

For the financial year ended Dec 31, 2017, its pre-tax profit was S$3.99 million. Its average six-month daily market capitalisation was also in excess of the regulatory requirement of S$40 million.

On March 7, 2018, however, the company announced that a bid to exit the Singapore Exchange's watch-list had failed as the company had not yet completed audit of its financial statements for the 2017 financial year.