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Yorkshine Holdings to appeal delisting notice from SGX
THE Singapore Exchange (SGX) will proceed to delist Yorkshine Holdings following its failure to comply with criteria to exit from the bourse's watchlist, the company announced in a filing on Thursday. Yorkshine intends to appeal against this decision.
On Wednesday, Yorkshine received a letter from the SGX informing the company that its May 2 application to extend the deadline for submitting a resumption of trading proposal was rejected. Yorkshine had sought to extend the deadline from Aug 1, 2018 to July 31 this year.
Under SGX rules, the company's share issuer or its controlling shareholder(s) must provide a reasonable exit offer to shareholders. Yorkshine's single-largest shareholder is executive chairman Zhu Jun as at Apr 19, with a total stake of 66.6 per cent, mostly held via the entity Golden Star Group.
Yorkshine shares have been suspended since Aug 3, 2017 and were last traded at 48 Singapore cents.