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Trading of Winas Limited securities to be suspended on April 9

Mainboard-listed Winas Limited is set to be delisted after failing to get approval from the Singapore Exchange (SGX) for an extension of time to meet the requirements for a new listing, the company said on Tuesday evening.

The company had requested for a trading halt on Tuesday morning before the market opened, pending an announcement, and then asked for the halt to be lifted on Tuesday evening.

In an exchange filing, the company said trading of its securities will continue until 5.16 pm on April 8, 2020; it will thereafter remain suspended from 9 am the following day until the completion of a cash exit offer.

According to SGX's listing rules, a fair and reasonable exit offer, which includes a cash alternative as the default alternative, must be made to the issuer's shareholders and holders of any other classes of listed securities to be delisted.

"The Company is currently considering its options and will continue to update shareholders on any further developments," Winas said.

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The company, formerly known as Sinwa Limited, sold its marine offshore supply and logistics business for S$74.9 million on Feb 1, 2019 and became a cash company. It also changed its name to Winas Limited following an extraordinary general meeting on April 30, 2019.

Under SGX rules, a company may be delisted if it is unable to meet the requirements for a new listing within 12 months of the time it becomes a cash company.

Winas Limited shares closed at S$0.016 on Monday before the trading halt.

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