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Asian Corporate Advisors exits as Transcorp sponsor

CATALIST-LISTED Transcorp Holdings on Wednesday said Asian Corporate Advisors will no longer be its continuing sponsor from June 12.

The company, which sells and rents cars, had received written notification from Asian Corporate Advisors on March 13 regarding the latter's intention to terminate the continuing sponsorship, according to a regulatory update.

Asian Corporate Advisors was "unable to satisfy itself" that Transcorp has the sufficient systems, procedures, controls and resources to comply with listing rules.

It is also unable to confirm that it is not aware of any non-compliance with Catalist rules that has not been brought to the attention of the Singapore Exchange. This was in view of a pending independent review announced on June 4, 2019.

In the same written notification, Asian Corporate Advisors also reminded the company on the following provision of Catalist rules 746(4) and 745(5).

The bourse will suspend an issuer without a sponsor until another takes on continuing activities. The bourse may also remove an issuer that does not have a sponsor for over three continuous months from its official list.

Transcorp shares have been suspended since December 2019.