Ossia International seeks third time extension to exit watch list

WATCH-LISTED company Ossia International said the Singapore Exchange Securities Trading (SGX-ST) confirmed on Tuesday (Dec 27) it does not object to granting it a third time extension to meet the financial criteria to exit the watch list.

In a bourse filing, the Singapore-based distributor and retailer of luxury goods said the extension being sought was for another 12 months, to Dec 4, 2023.

The original deadline was Dec 4, 2020.

The approval is subject to the mainboard-listed company satisfying certain waiver conditions, such as stating reasons for seeking the waiver.

Ossia said it has made “concerted” efforts to increase its profitability and has returned to profitability, achieving a consolidated pre-tax profit for the last three financial years ended Mar 31 in 2020, 2021, and 2022.

But the company still has more financial exit criteria to meet – it has not had an average daily market capitalisation of S$40 million or more over the last six months, as at the date of the extension application. Its market capitalisation is S$29.05 million as of Tuesday.

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With that, the company said it will have complied with the conditions of the waiver.

Shares of the thinly traded counter closed flat at S$0.115 on Tuesday.