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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.

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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.