Ossia International to leave SGX watch list on Dec 11

OSSIA International has garnered the Singapore Exchange’s (SGX) approval to exit the watch list from Dec 11, 2023, the luxury-goods retailer and distributor said in a regulatory filing on Friday (Dec 8).

The exit from SGX’s watch list comes six years after the mainboard-listed issuer was put on the list in December 2017, for racking up pre-tax losses for the three most recent consecutive financial years and clocking an average daily market capitalisation of less than S$40 million over the preceding six months.

The watch list by SGX is meant to improve the overall quality of listed companies in Singapore, and promote investor confidence in the marketplace. Issuers that are placed on the list after Mar 1, 2016 have three years to rectify the shortfall.

Ossia International was granted multiple extensions to meet the financial criteria over the past six years.

It reported S$534,000 in pre-tax profit and earnings of S$17,000 for the six months to September on a revenue of S$12.3 million amid an influx of tourists and higher consumer spending.

Ossia International shares last traded at S$0.129 with a market value of S$32.6 million on Thursday.