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China Hongxing Sports gets extension from SGX-ST to meet new-listing rules
CHINA Hongxing Sports has been granted an extension by the Singapore Exchange Securities Trading (SGX-ST) to meet the requirements for a new listing, the sporting goods company said on Friday.
This involves a proposed reverse takeover through the acquisition of all shares of MMJV Pte Ltd from Mining and Minerals Industries Holding – a move which could make gold mining its core business.
The extension was sought to meet requirements such as the submission of a pre-admission notification to SGX-ST which will happen on or about Sept 25; the lodgement and despatch of a circular to shareholders on or about Oct 31; an extraordinary meeting held on or about Nov 21 for shareholder approval; and the completion of the proposed transaction, on or about Nov 25.
SGX-ST had granted the waiver provided that China Hongxing agree to announce the waiver, its reasons for seeking it and an update after all conditions have been met.
China Hongxing also has to appoint all relevant professionals – a financial adviser, foreign legal advisers, external auditors, internal auditors, independent valuer, qualified person and an independent financial adviser by July 25. It is also required to submit its pre-admission notification to SGX-ST by Sept 25.
MMJV is a holding company of two joint-venture companies, one of which owns a gold-mine project comprising 3,619 hectares, located in the provinces of Isabela and Nueva Vizcaya, the Philippines.
The other joint-venture company owns a gold-mine project comprising 761 hectares, located in the province of Misamis Oriental, the Philippines.