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Nippecraft to exit SGX watch list on Wednesday

NIPPECRAFT will be taken off Singapore Exchange's (SGX) watch list from Wednesday, the paper products maker said in a filing.

It said that it had received an in-principle approval for its removal from the list on Monday. 

On Wednesday, Nippecraft will also transfer to the Catalist board from the mainboard and its shares will begin trading at 9am.

Nippecraft was put on the watch list four years ago on March 5, 2014 - for posting three straight years of losses and having a market cap that fell below S$40 million.

It had previously been given an extension of up to four months to meet the requirements by July 1 for its removal as it had made a net profit before tax of US$97,000 in fiscal 2017, but did not meet the average daily market cap requirement.

The company had previously said in May when it received the in-principle approval for its transfer to the Catalist board that it believes that its market cap "better resembles" that of the companies trading there, and that its listing on the Catalist could help it attract investors in the future.

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