Addvalue, Renaissance United, Telechoice and Tiong Seng on SGX watch list

FOUR companies have been placed on the Singapore Exchange Regulation’s watch list on Tuesday (Dec 5).

They are Addvalue Technologies, Renaissance United, Telechoice International and Tiong Seng.

Based on listing rules, mainboard-listed companies will be placed on the watch list if they record pre-tax losses for the three latest consecutive financial years, and fail to maintain an average daily market cap of at least S$40 million over the last six months.

Renaissance United : I11 0%, formerly Ipco International, is a developer, turnkey contractor and investor in oil and gas, power, transportation, water and environment, and industrial infrastructure projects.

The company said in a bourse filing that it was notified on Monday of the upcoming action by the bourse operator. Its board attributed the consolidated losses over three consecutive years to challenging trading conditions precipitated by the Covid-19 pandemic.

Renaissance United’s counter last traded at S$0.001 on Dec 1.

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Addvalue Technologies : A31 0% on Tuesday expressed confidence that its watch-list status would not derail the momentum of its business improvements achieved so far.

The group recently announced it obtained orders worth US$4.7 million, which will be significantly fulfilled within the current financial year, it noted. Addvalue’s shares closed flat at S$0.01 on Monday.

Separately, both Telechoice : T41 0% and Tiong Seng : BFI 0% said business and operations will continue as usual. Construction group Tiong Seng said it is taking active measures to improve its financial health. Its counter last traded at S$0.064 on Dec 1.

Shares of Telechoice, which provides info-communications products and services, were trading 5.3 per cent or S$0.004 lower at S$0.071 as at 10 am on Tuesday, after the watch-list announcement.

The failure to improve the financial position and market valuation would risk the listed companies being delisted or having the trading of their shares suspended with a view to being delisted.