Cash company Memstar in discussions with "target"

CASH company Memstar Technology is currently in discussions with a target and expects to enter into a definitive agreement by July 31, it said in an announcement on Singapore Exchange (SGX).

It also said that SGX, with whom the company has engaged regarding this proposed transaction, has informed the company on July 5 that it has no objections to deferring the company's delisting requirement so that it can evaluate and submit an application to the Singapore Exchange for the proposed transaction.

But it must also provide regularly monthly status updates to shareholders and upon achieving specific milestones for this planned deal, enter the agreement by July 31, and submit the application by Dec 31.

It must also seek shareholders' approval by March 31 next year.

If it does not meet these timelines, it must submit a written confirmation via SGXNet that it will proceed with delisting as soon as practicable.

This came after it was reminded on April 6 by Singapore Exchange to arrange for its delisting.

Trading in Memstar's securities has been suspended from June 20.