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C&G EP requests Finance Minister to allow it to stay listed
C&G Environmental Protection Holdings has made a request to the Minister for Finance to allow it to stay listed, "for the benefit of more than 1,900 Singaporean shareholders".
The cash firm's appeals to the Singapore Exchange (SGX) in November and December against delisting have both been declined, announced the mainboard-listed company in a regulatory filing on Thursday.
The company said it was informed on Dec 10 that its second appeal to the bourse operator against the Nov 5 delisting notice had been rejected. Executive chairman Lam Chik Tsan then wrote to the Minister for Finance on Dec 11 and requested the minister "to look into the matter for the benefit of more than 1,900 Singaporean shareholders".
Mr Lam wrote: "If we complete the RTO (reverse takeover), their losses can be reduced since the shares will have value if the company retains its listing status."
Listing rules dictate that a company upon becoming a cash company will be delisted, if it is unable to meet the requirements for a new listing within 12 months. C&G had, upon disposing two businesses on Dec 30, 2016, become a cash company.
The company was granted grace a few times by the SGX to complete a proposed transaction. But it has as at Thursday not gone through with the deal that involves an RTO.
SGX clarified with C&G on Thursday that the delisting date will be slightly delayed from the original one, which is 9am on Dec 18.
Trading in the counter was suspended on Thursday before noon upon C&G's request. It was trading flat at 0.1 Singapore cent.