Mirach Energy seeks further time extension to exit SGX watch-list

MIRACH Energy Limited is seeking a further extension until June 5, 2020 to exit the Singapore Exchange (SGX) watch-list, the oil and gas company said in a statement on Monday.

Mainboard-listed Mirach had previously been given until Feb 28, 2019 to meet financial criteria that would allow it to exit the bourse's watch list.

The company said it has been able to streamline its existing oil and gas business segment and operations to improve the group's cash flow, while also diversifying into new businesses to acquire new revenue streams.

Its efforts resulted in a consolidated pre-tax profit of US$766,000 for the financial year ended Dec 31, 2018, compared to a previous pre-tax loss of US$9.6 million.

The group also undertook three placement exercises to fund general working capital and new business activities.

The company said that it is close to achieving the minimum trading price of S$0.20 set by SGX, with its share price at S$0.139 as at Feb 22.

It added that its market capitalisation has been improving and stood at S$28.2 million on Feb 22. An average daily market cap of more than S$40 million over the last six months is required to exit the watch list.