Catalist-listed M Development to delist from SGX on July 16

M DEVELOPMENT will delist from the Singapore Exchange (SGX) at 9am on Friday, the company said in a regulatory filing on Wednesday.

This comes after all of the Catalist-listed IT solutions provider's shareholders approved of the company's plans to go private by means of a members' voluntary liquidation at an extraordinary general meeting that was held on March 23.

The company had earlier received a notification of delisting from SGX on Oct 16, 2020. Under Listing Rule 1309, the company must provide a fair and reasonable exit offer to shareholders, with the proposal within a month of such notice.

M Development has been a cash company since Sept 8, 2017, and said that it is in a net cash position with "no other feasible exit strategy immediately available".

As such, the company saw that it was in the best interest of shareholders to undertake voluntary liquidation.