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Compact Metal to exit SGX watch-list on April 5

MAINBOARD-LISTED aluminium dealer Compact Metal announced that it has received in-principle approval from the Singapore Exchange (SGX) to exit the bourse's watch-list with effect from April 5, 2018.

Compact Metal Industries was placed on the watch-list on March 4, 2015.

It had submitted an application to the exchange on March 2, 2018 to have it removed from the list.

Citing its full-year financial results announced on Feb 26, the aluminium product supplier said that it has demonstrated the ability to satisfy the requirements of SGX listing.

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For the financial year ended Dec 31, 2017, its 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.

On March 7, 2018, however, the company announced that a bid to exit the Singapore Exchange's watch-list had failed as the company had not yet completed audit of its financial statements for the 2017 financial year.