Ayondo receives SGX delisting notice

Yong Jun Yuan
Published Mon, Sep 20, 2021 · 07:07 PM

CATALIST-LISTED Ayondo on Monday announced that it had received a notification of delisting from the Singapore Exchange (SGX).

The company, which was thought to be the first pure-play fintech to be listed on the SGX, had been suspended from trading since Feb 1, 2019.

The company's shares will be delisted after an exit offer is made to shareholders and other classes of listed securities to be delisted. The company will make separate announcements when there are further developments to the delisting notification.

Prior to the delisting notice, Ayondo had been granted extensions totalling 18 months to submit its resumption proposal, with the latest extension lapsing on July 31 this year.

To secure the two-month extension from May 25, the company was supposed to have met a number of deadlines, all of which it missed.

While the company had requested a further extension of three months to Oct 31, no reason was provided to SGX Regulation (SGX RegCo) to grant it and the extension was rejected.


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Earlier in May 25, the company had announced that it needed more time to complete its acquisition of Rich Glory International Investment in order to stay listed.

At the time, the company had until June 25 to complete the final review of legal due diligence on Rich Glory. The company was also supposed to complete an auditors' review of the company's financials for FY2018, FY2019 and FY2020 and the first three months of this year by then.

Furthermore, the company was to update the SGX on any material issue and obtain internal clearance from the financial adviser and full sponsor by July 19.

It was then supposed to submit a resumption proposal in the form of a finalised reverse takeover circular to SGX by July 31, together with a full sponsor statement that Rich Glory was suitable for listing on July 31.

In the filing on Monday, the company said that SGX RegCo is also looking into potential Catalist rule breaches by the company.

This is on top of the investigation that the Monetary Authority of Singapore has been conducting on the company since Oct 1, 2020. The company had been ordered to provide certain information and documents in relation to an investigation into a possible offence under the Securities and Futures Act.

The company noted that liability for any breaches of the Catalist rules and the law will not be affected by the company's delisting.

READ MORE: It's been three long years ayondo, what are you still waiting for?


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