Insufficient cash resources to make exit offer to shareholders: Innopac

INNOPAC Holdings has said it does not have the cash resources to consider making an exit offer to its shareholders.

The company announced this in a filing to the Singapore Exchange (SGX) on Monday.

This comes as the SGX will be proceeding to delist Innopac after it failed to meet the necessary requirements to remove itself from the watch-list over the past 36 months.

Listing rules state that on being served a delisting notification, the company or its controlling shareholders must provide a reasonable exit offer to shareholders as soon as possible and no later than one month from the date of the delisting notice.

Innopac - which doesn't have a controlling shareholder - said that it has not received any proposal or exit offer from any shareholder. The board is currently exploring options to move the company forward, including monetising the group's assets.