S-chip Sunmart Holdings mulls over delisting from SGX

SPRAY products maker Sunmart Holdings is considering delisting from the Singapore Exchange (SGX), said the S-chip company on Wednesday.

The announcement comes just a week after its executive chairman and chief executive officer Sun Bingzhong stated in its annual report, issued a week ago, that the board will "strive to get the company back on its feet and trade on SGX-ST again".

Trading in the company's shares has been suspended since April 2012, when auditors flagged suspicious transactions recorded by Sunmart's subsidiaries.

Claiming on Wednesday that it is "in the early stages of considering a possible voluntary delisting of its shares", Sunmart added that "there is no certainty or assurance that the possible delisting will eventually be carried out".

It also said that the announcement does not amount to a firm intention to make an offer as stated under rule 3.5 of the Singapore Code on Takeovers and Mergers.