ecoWise and listing sponsor Zico Capital to part ways 'for commercial reasons': Board
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CATALIST-LISTED waste management company ecoWise Holdings is parting ways with listing sponsor Zico Capital "after deliberations and for commercial reasons".
ecoWise issued a written termination notice to Zico Capital on July 29, the board disclosed in a bourse filing the next day.
As such, Zico Capital will cease to be the company's sponsor either in a month's time, on Aug 29, or when a new listing sponsor takes over - whichever date is earlier.
Under Catalist rules, ecoWise will be suspended until a new sponsor is appointed - although it is not affected by this rule, as trading has already been suspended since June 18. But, if ecoWise does not have a sponsor for more than three straight months, it risks delisting.
The board said that the company is "finalising the appointment of a new continuing sponsor" and will update shareholders when this new sponsor is appointed.
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