10 companies added to watch list as SGX RegCo resumes half-yearly review post Covid

NINE companies will be placed on the Singapore Exchange Regulation (SGX RegCo) watch list from Tuesday (Jun 6), while Trek 2000 – the company that invented the ubiquitous thumb drive – has been included since Monday. 

This comes as SGX RegCo recommences its half-yearly review of the watch list, starting from Jun 1, 2023.

It suspended the reviews in June and December for both 2020 and 2021. This was to allow issuers to overcome business and economic challenges, and deal with any resultant liquidity issues caused by the Covid-19 pandemic on business operations. 

The nine companies are trading company Intraco : I06 0%; investment holding companies Jadason Enterprises : J03 0%, and British and Malayan; offshore and marine companies Beng Kuang Marine : BEZ 0% and Amos Group : 49B 0%; Datapulse Technology : BKW 0%, which is mainly involved in the media storage business; property company IPC : AZA 0%; vessel chartering company CH Offshore : C13 0%; and offshore company Jasper Investments : FQ7 0%. 

The companies had accumulated losses in their last three financial years. The Singapore Exchange requires the nine companies to take active steps to meet requirements set out under Rule 1314(1) of the Listing Manual to be removed from the watch list within 36 months from Jun 6. 

Similarly, Trek 2000 : 5AB 0% is expected to meet the requirements set out under Rule 1314(1) of the Listing Manual to be removed from the watch list within 36 months from Jun 5. 

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The referenced rule states that a watch-list company has to record consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts; it will also need to have an average daily market capitalisation of S$40 million or more over the preceding six months. 

If the company fails on these counts, it will be delisted, or the trading of its shares will be suspended with a view to a delisting. 

Intraco, Jadason Enterprises, Beng Kuang Marine, Datapulse Technology, British and Malayan, CH Offshore, Jasper Investments and Trek 2000 have in the meantime told their respective shareholders and business partners that business will continue as usual, and that trading of their shares will also continue unless a trading halt or suspension is effected. 

The companies noted that they will provide quarterly updates on their efforts and progress in meeting the watch list’s exit criteria. This includes their financial situation, future direction, or other material development that may have a significant impact on their financial positions. 

Intraco, IPC, Beng Kuang Marine, Amos Group and CH Offshore also said that their respective board and management “will endeavour to comply with the financial exit criteria within 36 months”, and that they will release necessary announcements where appropriate. 

Shares of Intraco and Jadason Enterprises last traded at S$0.22 and S$0.016 respectively. Jadason’s total market cap on Monday was S$11.62 million, while Intraco’s stood at S$25.02 million.

British and Malayan’s shares last traded at S$2.96; the company’s market cap was S$25.9 million. CH Offshore’s shares last traded at S$0.055; its market cap stood at S$38.8 million. 

Beng Kuang closed at S$0.083 on Monday and its market cap stood at S$16.5 million. Amos Group, with a market cap of S$24.8 million, closed unchanged at S$0.119.

Datapulse closed flat at S$0.10 on Monday and its market cap stood at S$21.9 million. IPC’s shares closed up 4.2 per cent at S$0.10 on Monday. It recorded a market cap of S$8.5 million.  

Jasper Investments’ shares closed at S$0.003 on Monday and its market cap stood at S$13.1 million. Trek 2000 closed at S$0.063 and its market cap stood at S$21.4 million.