China Sports to be delisted after missing final deadline

MAINBOARD-LISTED China Sports International, which is under judicial management, received a notification of delisting from the Singapore Exchange (SGX) on April 1, the judicial managers said in a filing on Thursday.

In the notification, SGX noted that China Sports has been suspended since Dec 4, 2017. Listing rules require companies to submit a proposal to resume trading within 12 months of suspension.

SGX had granted six extensions for China Sports to complete a reverse takeover with Shiya Group by March, with the latest and final extension granted on Dec 4, with a deadline of March 31. The judicial managers had, on Dec 7, confirmed to the exchange that the timeline was reasonable.

On March 15, the company applied to SGX for a further extension of two months, till May 31, to complete the transaction, as approval for the transaction was still under review by the SGX. This application for a extension was rejected.

As China Sports has failed to meet the conditions under the final extension of time to complete the transaction, SGX said it will proceed to delist the company.

China Sports will have to provide an exit offer proposal as soon as practicable, but no later than a month from the date of the notification of delisting.