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New Silkroutes seeks to extend trading halt
SINGAPORE-LISTED New Silkroutes Group (NSG) on Tuesday morning has called for the trading halt to continue further.
The company said in a filing with the Singapore Exchange (SGX) that it is in the best interests of shareholders and the firm to maintain suspension of trading of its shares until ongoing negotiations wrap up.
The group is in active negotiations with "various parties on potential investments into the company, as well as acquisitions by the company".
"Due to the year-end vacations, these negotiations have taken longer than anticipated," the group said, adding that as the share price and market capitalisation are key factors in these negotiations, further trading halt would "prevent leakage of material information and unusual trading activities in the company's shares during this period of negotiations".
On Nov 29, NSG requested a trading halt pending the release of an announcement.
In early November, the company said that it is expecting revenue of at least US$500 million for the 2018 fiscal year after turnover doubled while loss widened for the first fiscal quarter.
If the forecast is realised, revenue for fiscal 2018 would grow by at least 15 per cent over the US$433 million for 2017.