SGX adds 12 mainboard companies to watch-list, removes one

Singapore

THE Singapore Exchange (SGX) has added 12 mainboard-listed companies to its watch-list for potential delisting, and removed one company on June 5 following a mid-year review.

The bourse operator placed BM Mobility, China Great Land Holdings, CosmoSteel Holdings, KS Energy, and Plastoform Holdings on the watch-list for recording pre-tax losses for the three most recently completed consecutive financial years, and for having a six-month average daily market cap below S$40 million (financial criteria).

In addition, China Yuanbang Property Holdings, Debao Property Development, Global Invacom Group, GRP, and Hiap Seng Engineering joined the watch-list for failing to maintain a volume-weighted average price of at least 20 Singapore cents, and an average daily market cap of less than S$40 million over the last six months (minimum trading price or MTP criteria).

SGX also added Abterra and Sunvic Chemical Holdings to the watch-list under both the financial and the MTP criteria.

The Place Holdings, meanwhile, has been removed from the watch- list.

Mainboard-listed companies placed on the watch-list after March 2016 have 36 months to resolve the criteria that led to their inclusion. They risk being delisted if they fail to meet the requirements during that window. There are currently 82 companies on the watch-list.

The Singapore bourse first introduced the watch-list for companies listed on the mainboard in March 2008 as part of ongoing efforts to improve the overall quality of listed companies in Singapore, and promote investor confidence.

The SGX watch-list reviews are conducted semi-annually, and the list will next be reassessed in December.