SGX-ST to delist China Sky Chemical Fibre Co

SINGAPORE Exchange Securities Trading (SGX-ST) will delist China Sky Chemical Fibre Company after the company missed a final deadline to submit its proposal for trading resumption.

In an outcome letter dated April 22, SGX-ST said China Sky has one month from the date of the letter to provide its exit offer proposal.

In January, SGX-ST granted China Sky an eight-month extension to submit its resumption proposal by Sept 30, as the company said it had entered into an implementation agreement to transfer its listing to iWave, a fintech subsidiary of Philippine gaming company DFNN.

The extension was subject to meeting certain milestones provided by iWave in an indicative timeline, including completion of legal due diligence and audit on iWave and pre-consultation with SGX by Feb 28. But iWave did not meet any of the milestones, citing difficulties from the Covid-19 pandemic hampering travel and personnel movement, and the impact of Super Typhoon Rolly.

SGX-ST noted that the Philippines has experienced several lockdowns since March 2020, and businesses would have implemented business continuity plans by now. Therefore, the pandemic could not be considered an extenuating circumstance outside iWave's control.

China Sky's previous application for a time extension had also been submitted after the typhoon, and so iWave should have factored delays from the typhoon into its milestones that were submitted with the application.

China Sky's shares remain suspended. A trading halt was called on Aug 12, 2016.