Long Suspended Companies on SGX, Singapore

Singapore Exchange (SGX) is introducing a half-yearly report to update shareholders on companies with shares suspended for 12 months or more.

The initiative is one of several SGX is planning to improve regulation of listed companies’ continuing obligations as well as at the listings admission stage.

The first report covers 20 companies and sheds light on their developments, particularly if they have not made company disclosures for some time. In the report, SGX provides information on actions it has taken, and its engagement with the companies, directors, special auditors, judicial managers and/or liquidators.

SGX’s engagements with the companies were aimed at achieving a share trading resumption proposal, or extracting an exit offer for minority shareholders should a delisting occur. Some of these engagements were also long-drawn due to difficulty in establishing contact with, or eliciting a response from, board directors.

Of the 20 companies in the report:

a. 11 companies are exploring trading resumption/ reverse takeover.

• Fibrechem, Sino Techfibre, PT Berlian, Sinopipe, Eratat, Fung Choi, Fujian Zhenyun, Swee Hong, JES, Golden Energy, Changjiang Fertilizer

b. 2 companies are pursuing court action against individuals.

• Celestial, DMX

c. 1 company was recently placed under judicial management.

• Anwell

d. 4 companies are in the delisting process, of which 2 are exploring to provide an exit offer.

• China Milk, China Hongxing, Sunmart, Lankom

e. The remaining are pending responses to the exchange’s queries.

• China Paper, China Sun

See the full report below:
SGX Long Suspended Companies

Source: SGX website