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Mercurius gets deadline extension till end-Aug to keep listing status
CATALIST-LISTED Mercurius Capital Investment has received a deadline extension from the Singapore Exchange (SGX) till Aug 30 to demonstrate its business viability and retain its listing status.
In a bourse filing on Thursday, Mercurius said that the bourse has noted its efforts to look for viable business opportunities, with its entry into a joint venture (JV) with Thai property developers Apex Development Public Co and Grand Bay Hotel.
On Monday, Mercurius announced that it plans to acquire a 50 per cent stake in Grand Bay Hotel for more than 335 million baht (S$14.69 million) from Apex Development. Mercurius then plans to jointly develop a hotel property, the Sheraton Phuket Grand Bay Resort in Phuket, with Grand Bay as the JV vehicle.
Separately, SGX has also advised Mercurius to obtain shareholder approval for the JV. Mercurius had consulted SGX, via its sponsor, on possibly not requiring shareholder approval, as both the company and Grand Bay are in loss-making positions.
Mercurius will despatch a circular on the JV and the notice to convene the extraordinary general meeting to its shareholders in due course. If Mercurius fails to complete the JV by the deadline, it could then be deemed a cash company under listing rules.
Shares of Mercurius closed flat at S$0.041 on Thursday.