Koon Holdings to be removed from ASX; will apply to SGX to be delisted

INVESTMENT holding company Koon Holdings announced on Wednesday that it has received notification from the Australian Securities Exchange (ASX) that the company would be removed from the official list of the ASX, with effect from the commencement of trading on Monday, Sept 6, 2021.

With the company no longer listed on its home exchange ASX, the secondary listing status of the company on the Singapore Exchange (SGX) would no longer be valid. The company has written to SGX to apply to be delisted.

ASX had earlier rejected the company's request to extend the long term suspend entity removal deadline for the company for three months until Nov 30, 2021. Following that, Koon Holdings had submitted a request on Aug 31, 2021 for ASX to reconsider its decision.

This comes as ASX's policy is to remove from the official list entities that fail to lodge any of the required documents for a continuous period of one year after the deadline for lodgement, and entities whose securities have been suspended from quotation for a continuous period of two years.

ASX noted in the letter containing its decision that the company had been continually suspended for a continuous period exceeding two years on Aug 30, 2021. Additionally, the company had not yet lodged accounts for the half year ended June 30, 2020 and the expiration of the one-year deadline for lodgement of the accounts for the half year ended June 30, 2020 had occurred on Aug 31, 2021.

The company said that it will provide an update on its delisting date in due course.

Shares of Koon Holdings have been suspended since Aug 30, 2019.