Amcorp gives notice of three years' of losses

MAINBOARD-LISTED Amcorp Global, formerly known as Tee Land, gave notice of recording three consecutive years' of losses on Tuesday after the market close.

Based on audited full-year consolidated accounts, the firm has run up pre-tax losses for the last three financial years, said Amcorp.

Its six-month average daily market cap as of Aug 25 was S$79.5 million.

Firms are placed on the Singapore Exchange's watch-list if they record losses for the three latest consecutive financial years, and have an average daily market cap of under S$40 million over the last six months.

Trading in Amcorp's shares has been suspended, with the counter having last traded at 17.9 Singapore cents on March 18.

This was after it lost its free float, as the percentage of shares in the hands of the public fell below the required 10 per cent.

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On July 1, Amcorp said it had been granted an extension of time until Oct 20 to restore its free float and remained "firmly committed" to conducting a private placement.