China Gaoxian requests for extension to meet SGX rules to exit watch-list

MAINBOARD-LISTED China Gaoxian Fibre Fabric Holdings announced on Tuesday after trading hours that it has submitted an application to the Singapore Exchange (SGX) for a 12-month extension to meet certain requirements to exit the watch-list.

The firm, which was placed on the watch-list on March 3 2016, is supposed to adhere to SGX rules to record consolidated pre-tax profit for the last financial year and to have an average daily market capitalisation of at least S$40 million over six months, within a period of 36 months of the date on which it was placed on the watch-list.

Unless the regulator approves the extension request, the company has until March 2 to comply.