Asiatravel.com to appeal delisting notice; controlling shareholder yet to respond

CATALIST-LISTED Asiatravel.com plans to appeal the delisting notification it received from the Singapore Exchange last month.

Meanwhile, it has not heard back from its controlling shareholder in recent months, the company said in a Friday (Apr 8) bourse filing.

The online travel company, whose stock has been suspended from trading since July 2018, was hit with the delisting notification on Mar 9. This followed its being unable to continue as a going concern, with its auditors having issued a disclaimer of opinion, considering its net loss and negative working capital.

In the delisting notification, SGX Regco noted that the company had failed to demonstrate a viable business, and that it had made aggressive assumptions for its projections of its online travel agent and events ticketing business.

Asiatravel.com said it reached out to its controlling shareholder on Mar 22 and Apr 5 but has not received a response or exit offer. Its last correspondence with the controlling shareholder was on Aug 15, 2021.