Libra Group applies for extension till Dec 15 to comply with resumption of trading rules

CATALIST-LISTED Libra Group has applied for an extension of time till Dec 15, 2020, to comply with Listing Rule 1304 on the resumption of trading, it announced on Friday after the market close.

The application was made on Aug 27, after the High Court of Singapore on Aug 21 extended the company's moratoria to Oct 30, 2020.

Libra Group is conducting a restructuring exercise of its current debts under its wider restructuring and strategic review plans, which may include the introduction of strategic investors, the inclusion of a new viable business undertaking and/or fund raising for its working-capital requirements.

Libra Group reported developments in its debt restructuring and fund raising efforts: In debt restructuring, it is working with advisors to propose a scheme of arrangement to its creditors under Section 210(1) of the Companies Act.

In fund raising, it has entered into a couple of non-binding memoranda of understanding with different investors.

The group said: "Assuming the successful conclusion of the company's debt restructuring and fund raising efforts, the company intends to seek the resumption of trading of its shares. This will be beneficial to both the creditors and shareholders of the company."

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It added that it will update shareholders on the outcome of the application for the reprieve, and advised caution in dealing in its shares.

Trading in its shares has been suspended, as the firm has been deemed unable to continue as a going concern. They last closed on Aug 22 at 3.5 Singapore cents.