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Swee Hong calls for trading halt, cites 'uncertain' financial position under SGX listing rules
CONSTRUCTION company Swee Hong Limited has called for a trading halt on Friday as its financial position is “uncertain” under the Singapore Exchange's (SGX) listing rules.
Rule 1303(3)(c) outlines instances where the SGX is able to suspend trading of a company's shares, where the company is unable to continue as a going concern, or unable to demonstrate to the SGX and shareholders that it is able to do so under several circumstances.
The circumstance stated for Swee Hong's case is being "unable to reasonably assess its financial position and inform the market accordingly".
Prior to the trading halt, Swee Hong shares last traded flat at 0.3 Singapore cent on May 9.
On April 29, Swee Hong said a winding-up application against the company by its supplier Hock Hin Leong Timber Trading was withdrawn on the day it was due to be heard in Court.