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CNA Group told to delist after 4 years on SGX watch-list
MAINBOARD-LISTED CNA Group, which could be headed for liquidation, has been asked to delist after languishing for four years on the Singapore Exchange's financial watch-list.
The building management company must give the bourse operator a reasonable exit offer for shareholders, judicial manager Deloitte & Touche said in a filing on Thursday evening.
CNA was put on the watch-list for companies with pre-tax losses for three straight years in March 2015, and originally had until March 3, 2017 to meet the criteria for removal.
The company asked for and received two extensions of that deadline - until July 15, 2018 - and later withdrew its application for a third extension.
SGX has since noted that "there continues to be no certainty on any firm and viable proposal(s) to justify a further extension of time to meet the financial exit criteria", the company said in its latest announcement.
CNA has one month from the bourse's Apr 30 notice to come up with an exit offer proposal.
The judicial manager had previously warned in March that CNA will face liquidation and winding-up if its application for an extension of judicial management was rejected by the courts.
Under those circumstances, an exit offer would be unlikely as the company is already insolvent, with liabilities outweighing its assets, Deloitte & Touche disclosed at the time.