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No compelling reasons to allow China Haida to transfer to Catalist: SGX-ST
CHINA Haida's proposal to transfer the listing of the group from the mainboard to the Catalist board has been rejected by the Singapore Exchange Securities Trading (SGX-ST).
In an announcement on Monday, China Haida said SGX-ST issued a response letter to the firm, advising that it is unable to accede to the firm's request for the proposed transfer. According to SGX-ST, a regulator's column published on Jan 4, 2016 stipulated that mainboard-listed companies at risk of being placed on the watch-list under the Financial Entry Criteria and seeking a transfer to the Catalist board "should have plans put in place to improve business fundamentals".
SGX-ST is of the view that China Haida's plans to turn the business around are "preliminary at this stage", and hence, there are "no compelling reasons" to allow the proposed transfer.
China Haida had proposed the transfer back in June, following its struggle to meet the S$0.20 minimum trading price requirement of listing rules.