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Renewable Energy Asia Group to delist from SGX on Feb 7

CATALIST-LISTED Renewable Energy Asia (REA) Group said on Saturday in a regulatory update that it will be delisted from the Singapore Exchange (SGX) on Feb 7 at 9am.

The move follows a suspension of trading in July 2015, after the wind energy project developer could not demonstrate that it was able to operate as a going concern, in accordance with Catalist rules.

Since its suspension in 2015, the board has made various attempts to revive the company through different measures, including discussions with various potential investors, but without any positive progress, it had said in a release on Nov 14.

"Having exhausted all practical options to try to resolve the company's issues since its trade suspension,... the remaining board of the company is of the opinion that it will be in the best interest of shareholders to proceed with the option to delist the company," it said.

The company has not submitted a proposal for the resumption of trading till date, and maintained that it will also not submit any subsequent trade-resumption proposals. 

"The company is not in the financial position to make an exit offer and will not be issuing share certificates to shareholders post-delisting due to the lack of financial resources to do so," it added.

REA Group's shares have been suspended since July 27, 2015, when they closed at S$0.022.