Nico Steel gets 1-year extension to exit SGX watch list

THE Singapore Exchange (SGX) has granted Nico Steel Holdings a one-year extension to exit the bourse's watch list by Sept 4, 2020, failing which it will need to provide a reasonable exit offer to its shareholders.

The metals supplier applied for the extension based on healthier cash flow from its operating activities, as it recorded a pre-tax profit of US$209,000 for the financial year ended Feb 28, 2018, and a pre-tax profit of US$469,000 for the fiscal year ended Feb 28, 2019.

As at Feb 28, 2019, the group said it has a positive operating cash flow of US$798,000 and is in a net cash position of US$5 million.

It was placed on the watch list on Sept 5, 2016, and had three years to exit the list by Sept 4, 2019, or face being delisted by SGX.

Nico Steel shares were trading flat at S$0.004 as at 1.53pm.