Ezion Holdings to apply to delist from SGX

THE liquidators of Ezion Holdings are planning to apply for the company to be delisted from the Singapore Exchange (SGX).

The beleaguered liftboat operator had previously stated it faced difficulties procuring investment, and was unable to proceed with its restructuring and recapitalisation plans. It went into liquidation in February.

In a bourse filing on Friday (May 20), the liquidators said their review found that the company is insolvent and its debts far exceed its realisable assets.

“The company had been looking for an investor for some time prior to the liquidation, to no avail. There are no suitable and/or appropriate restructuring proposals presented to or made available to the company by any potential investor,” they added.

The liquidators also assessed that the company is not in a position to make any distribution or an exit offer to shareholders.

Therefore, they intend to apply to SGX to delist the company. More details will be made when there are material developments.