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HL Global Enterprises gets in-principle nod from SGX for share conversion

INVESTMENT holding firm, HL Global Enterprises on Friday has received in-principle approval from the Singapore Exchange Securities Trading (SGX-ST) for the conversion of all its non-redeemable convertible cumulative preference shares (NCCPS) into new ordinary shares of the company.

The proposed conversion at a ratio of one ordinary share for every 10 NCCPS share is subject to compliance with SGX-ST's listing requirements, shareholders' approval, and the approval of the NCCPS holders at a separate class meeting.

In a filing to the SGX on Friday, the group said that the requisite approval of the NCCPS holders has been obtained at a class meeting held on March 16, and that it will be convening an extraordinary general meeting in due course.

Nonetheless, the company noted that "SGX-ST's in-principle approval for the listing and quotation of the conversion shares is not to be taken as an indication of the merits of the proposed NCCPS conversion, the conversion shares, the company and its subsidiaries".

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Shares in HL Global Enterprises last traded 0.94 per cent, or 0.5 Singapore cent higher to close at 53.5 Singapore cents on Friday.