Sevak to exit SGX watch-list

MAINBOARD-LISTED Sevak will exit the Singapore Exchange's watch-list with effect from May 31, the IT solutions company announced on Thursday night.

Sevak had applied for removal from the watch-list on the basis that it had met requirements under the financial exit criteria of Rule 1314 (1) of the listing manual. It said its application received in principle approval on May 30, subject to an immediate announcement being made.

After three straight years of pre-tax losses, which triggered its entry into the watch-list, Sevak posted a net profit of S$3.7 million for the year ended Dec 31, 2018.

Sevak shares closed up eight Singapore cents or 2.29 per cent at S$3.58 on Thursday before the news.