International Cement Group gets 6-month extension to exit SGX watch list

THE Singapore Exchange has granted International Cement Group a six-month extension to Dec 4, 2020, to exit from its watch list under the minimum trading price (MTP) entry criteria.

In its quarterly update in August, the cement producer said it would explore various options to meet the minimum trading price exit criteria and would report any progress as and when it happens.

It added that it already meets the requirement of an average daily market capitalisation of S$40 million or more over the last six months.

International Cement Group, formerly known as Compact Metal Industries, had its mainboard listing transferred from Compact Metals following a scheme of arrangement earlier this year, relisting on March 8.

Compact Metals was included in the watch list under the MTP entry criteria with effect from March 3, 2016, and had to take active steps to meei listing requirements within 36 months of June 5, 2017.

In July this year, BT reported that SGX RegCo plans to seek public feedback on a proposal to scrap the MTP requirement for mainboard-listed companies.

A public consultation will set the stage for an eventual reversal of the SGX's decision three years ago to impose the share price hurdle. It could also avoid the prospect of the exchange having to delist up to 54 companies in June 2020 because they could not raise their share prices in time.

International Cement Group shares closed on Thursday at 2.2 Singapore cents, up 0.1 cent or 4.8 per cent.