Dukang Distillers faces suspension after plan for transfer to Catalist fails

WATCH-LISTED baijiu maker Dukang Distillers Holdings could not get shareholders' approval on Thursday to transfer its listing status to the Catalist junior board.

As such, Dukang faces a trading suspension or delisting from the Singapore Exchange mainboard if it does not record a full-year consolidated pre-tax profit and a six-month average daily market value of at least S$40 million within 36 months from Dec 4, 2019.

The board said that Dukang and its directors "intend to take active steps" to meet these criteria, but warned that there is no guarantee of success, in a bourse filing after a special general meeting in the afternoon. The planned listing transfer was scuppered by 98.72 per cent of voters at the meeting.

Still, shareholders have finally approved the decision for Dukang to sell its white liquor business and move into kiwi cultivation.

The interested-person transaction, which involves controlling shareholder Wang Peng, had been on the table since late 2018 and will now see Dukang change its name to China Shenshan Orchard Holdings.

Shares closed at 9.9 Singapore cents, up by 0.4 cent or 4.21 per cent.