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Foreland Fabritech receives notification of delisting, plans to appeal
MAINBOARD-LISTED Foreland Fabritech Holdings has received a notification of delisting from Singapore Exchange Securities Trading (SGX-ST) on May 29, the Chinese textile company said on Thursday night.
In the notification, SGX-ST noted that Foreland Fabritech's shares have been suspended since Dec 27, 2016, with the company not having submitted "any acceptable resumption of trading proposal" to date.
SGX-ST also said it had raised concerns about the composition of the company's board of directors, "but the company has still not demonstrated that it has a functional board of directors" and that its directors meet listing rule requirements. Foreland Fabritech has breached and is still in breach of several listing rules, it added.
The company is still in an insolvent financial position based on its May 14 release of first-quarter results, and it is "highly doubtful whether the company is able to operate as a going concern and it has been unable to satisfactorily address its uncertain state of affairs".
For the above reasons, SGX-ST notified Foreland Fabritech that it will be delisted with effect from 9am on June 28.
Foreland Fabritech said its directors are currently reviewing the notification and it intends to make an appeal to SGX-ST. "The company will make further announcement of any material development on the above matter as and when appropriate," it added.