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Memstar reminded by SGX to arrange for its de-listing
MEMSTAR Technology has been reminded by the Singapore Exchange (SGX) to arrange for its de-listing.
Memstar received the reminder on April 6, 2018, the company said in a Singapore Exchange announcement on April 15, and said it will keep shareholders updated on any material developments.
It was previously notified in May 2016 to delist after Memstar, a cash company after selling its membrane manufacturing business to United Envirotech, saw a US$420 million reverse takeover deal of natural gas developer Longmen Group fall through due to fund-raising challenges by Longmen.
As of January this year, Memstar was unable to provide a reasonable exit offer due to cash limitations, according to its February 2018 SGX announcement.
Its controlling shareholders have not expressed any intention to make an exit offer, it added, and it was engaged in ongoing negotiations with Longmen to try to recover a refundable deposit of US$5 million.
In March 2018, it began legal proceedings against Longmen, the vendors under under the reverse takeover sale and purchase agreement and other parties.
Trading for Memstar has been suspended since June 20, 2016.