Compact Metal Industries' unaudited results scupper bid to exit watch list; firm given extension
COMPACT Metal Industries announced that a bid to exit the Singapore Exchange's watch list has failed as the company has not yet completed audit of its financial statements for the 2017 financial year.
However, the aluminium product supplier said that SGX has granted it an extension of one month till Apr 2, 2018 to meet the requirements for an exit from the watch list.
Compact Metal was placed on the watch list on Mar 4, 2015.
The company is to make an application to exit the list by the extended period upon completion of the audit, said executive director and managing director Zhang Zengtao in a statement.
In its previous submission to SGX, Compact Metal cited its full-year financial results announced on Feb 26 as satisfying the requirements of SGX listing.
For the financial year ended Dec 31, pre-tax profit was S$3.99 million. Its average six-month daily market capitalisation was also in excess of the regulatory requirement of S$40 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet