Steel trader Oriental Group proceeds with delisting from Catalist board

STEEL trader Oriental Group will proceed to delist from the Catalist board, as the Singapore Exchange Securities Trading has said it has no objection to the proposed delisting, Oriental Group said on Tuesday.

This follows an order by the Singapore High Court on Apr 10 for the group to be wound up. Muk Siew Peng and Cameron Lindsay Duncan of KordaMentha were appointed the joint and several liquidators.

In its announcement on Tuesday, Oriental Group added that the amount of realisable assets of the company is negligible and only sufficient to support the company during the liquidation period. Its subsidiaries were insolvent before the group was placed under judicial management in 2017, after an application was made by a creditor to the High Court.

"As a result, any distribution to shareholders is remote," the group said. It will not hold a general meeting to seek shareholders' approval for the proposed delisting.

The company will provide updates on the date of the delisting once it is finalised, and as and when there are further material developments.