You are here
Singapore Exchange to delist China Great Land, as listing transfer plan goes nowhere
MAINBOARD-LISTED China Great Land Holdings, a cash company under judicial management since May 2019, will be delisted from the Singapore Exchange (SGX) and must propose an exit offer within a month, according to its latest bourse filing.
The bourse operator's decision on Friday came after it rejected multiple applications for the company to transfer its listing status and resume trading.
An implementation agreement for a transfer to Singapore Edutainment Associates Global, first announced in July, has not been shown to meet the requirements for a new listing, said the filing by judicial managers from Deloitte & Touche.
The SGX reportedly flagged the early stage of the planned transfer and the lack of certainty on whether Singapore Edutainment is suitable for listing.
China Great Land has not announced any financial information to show Singapore Edutainment can meet the requirements for a trading resumption proposal, and has also said that such financial information "is presently unavailable", the filing noted.
This is even as substantive details of Singapore Edutainment's background, operations and track record have yet to be disclosed, the judicial managers added.
With the SGX now moving to delist the company, China Great Land should inform the operator of its planned exit offer "as soon as practicable" and give updates as well.
Trading in China Great Land shares was suspended in July 2018.