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Dragon Group International to delist; Asti Holdings to make exit offer
ASTI Holdings announced that the request by its subsidiary Dragon Group International for an extension of time to meet the financial exit criteria of the Singapore Exchange (SGX) has been rejected.
With that, Dragon Group International will be required to delist from the Mainboard.
As Asti Holdings is the controlling shareholder of Dragon Holdings, it is required to make an exit offer to shareholders of Dragon Group International. The company said that it is currently working on a cash exit offer proposal to be issued to Dragon Group International's shareholders.
Dragon Group International was placed on SGX's watchlist on Mar 4, 2015.
Since then, after it failed to meet the financial exit criteria before the stipulated deadline several times, trading in Dragon Holdings International's securities ceased at 5pm on May 10 this year.
Trading has remained suspended until the completion of the exit offer.