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Lafe Corp receives delisting notification from SGX-ST
MAINBOARD-LISTED Lafe Corp has received a notification of delisting from Singapore Exchange Securities Trading (SGX-ST) dated June 4, after having been on the exchange's financial watch-list since June 3, 2016, the developer announced on Wednesday evening.
Firms on the financial watch-list need to fulfil exit requirements within 36 months, namely to record consolidated pre-tax profit for the most recently completed financial year, and post an average daily market capitalisation of at least S$40 million over the last six months.
Lafe Corp was informed that, having not met the requirements for removal, SGX-ST will proceed to delist it.
The company or its controlling shareholders must provide "a reasonable exit offer" to shareholders, and must advise SGX-ST of the exit offer proposal no later than one month from the date of the delisting notification.
Trading in Lafe shares will continue until 5pm on July 3, after which trading will be suspended from 9am on July 4 till the completion of the exit offer.
Lafe said it will keep shareholders informed of any developments in this regard and will make such further announcements as and when appropriate. It also advised investors and shareholders to exercise caution when trading in its shares.
Lafe shares last closed unchanged at 23 Singapore cents on June 4.