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Innopac's appeal for more time to exit financial criteria watch-list rejected
INNOPAC Holdings' appeal to have more time to satisfy listing requirements has been rejected by the Singapore Exchange (SGX).
Innopac will provide updates on the status of its exit offer proposal no later than July 4, 2019. The company has been on the SGX's watch-list for delisting since June 3, 2016.
Innopac had appealed to extend the cure period to satisfy the financial criteria to exit the watch-list, after being rejected the first time.
The financial exit criteria state that the company must record consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts. It must also have had an average daily market capitalisation of S$40 million or more over the last six months.
In response to the appeal, SGX noted that Innopac has not met any of the requirements under the criteria within the cure period. It is hence unable to grant an extension.