PSL Holdings to seek voluntary liquidation

Sharanya Pillai

Published Tue, Aug 4, 2020 · 10:02 AM

THE board of watch-listed PSL Holdings has decided that it is "in the best interests of shareholders" for the firm to undergo a voluntary liquidation, after being served a delisting notification by the Singapore Exchange.

In a Tuesday bourse filing, PSL noted that it has not received a firm exit offer proposal from any party after it announced the receipt of the delisting notification on June 22. None of its existing shareholders are also in a position to make an exit offer.

PSL is now in the process of appointing liquidators. It will convene an extraordinary general meeting to seek the approval of shareholders. A circular to shareholders will be sent out in due course.

PSL started off in the early 1980s providing ground engineering services for the construction industry. It later grew into a marine anchor specialist for wharves and jetties in oil refineries and shipyards, and in the soil improvement market.

Shares of PSL last traded at S$0.148 before trading in the counter was suspended on July 20.