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Singapore Kitchen Equipment's HK-listing bid rejected

CATALIST-LISTED Singapore Kitchen Equipment's bid to list on the Hong Kong's Growth Enterprise Market (GEM) board has been rejected, but the company intends to appeal against the decision, it announced in a Singapore Exchange filing on Thursday evening.

This was a renewed application for a dual primary listing, after an earlier application by the company lapsed on Dec 23.

The company said that the GEM Listing Approval Group of the Stock Exchange of Hong Kong had convened a hearing on Apr 16 to consider its application, and informed the company on Apr 17 that it had rejected the application.

This was "on the basis that, among other reasons, the company failed to demonstrate its commercial rationale for listing and genuine funding needs", rendering it unsuitable for the listing.

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Under the GEM listing rules, Singapore Kitchen Equipment has the right to have the decision reviewed by the GEM Listing Committee, and intends to appeal against the decision. It said it will make further announcements to update shareholders on any material developments of the proposed listing as and when appropriate.

The company's shares closed unchanged at 13 Singapore cents on Thursday before the announcement.