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Advance SCT granted extension to meet listing requirements for removal from SGX watch-list

THE Singapore Exchange (SGX) has granted Advance SCT Limited an extension of up to 12 months to March 3, 2018 to meet listing requirements for the removal of the firm from the watch-list.

The supplier of copper-related products said in an SGX filing on Friday that this is provided that the company announce the period of extension granted, the reasons for seeking the extension of time, and the conditions as required under the listing manual.

In addition, the company has to submit a written confirmation that the waiver does not contravene any laws and regulations governing Advance SCT and the articles of association of the firm.

Advance SCT has been on the SGX's watch-list since March 2015.

It previously announced that it sought an extension of time because it was engaged in discussions with relevant parties regarding a proposed acquisition, which was then part of the company's resumption proposal, and was still finalising the terms and structure of the deal.

It was also in the midst of preparing the pro-forma financial effects and pro-forma consolidated accounts of the enlarged group after the proposed acquisition.

In addition, the proposed acquisition was conditional on the Singapore High Court's sanctioning of a scheme of arrangement which the company was then undergoing.

For the avoidance of doubt, both the proposed acquisition and the scheme of arrangement have since been terminated, Advance SCT said.

It added the SGX has "no objection" to the company's application to resume trading of shares, subject to shareholders' approval for a proposed debt capitalisation exercise, and the issuance of redeemable convertible bonds, among other things.

Shares of Advance SCT have been suspended since January last year.