Engineering firm Ley Choon Group Holdings said the Singapore Exchange (SGX) had rejected its transfer from Mainboard to Catalist due to its ongoing debt restructuring plan and the impact on its 12-month working capital needs.
“The SGX-ST notes that the company's sufficiency of working capital for at least 12 months after the proposed transfer is dependent on whether the financial institutions will accept the debt restructuring plan put forth by the company,” Ley Choon said in a regulatory announcement.
It added that it may re-apply to SGX for the transfer after the debt restructuring plan has been finalised and accepted by the financial institutions.
Ley Choon on Oct 28 said it planned to transfer to Catalist in order to comply with the coming requirement that all Mainboard-listed companies have a six-month average-weighted trading price of at least 20 cents.
Currently, Ley Choon's stock price hovers around four cents.
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“The SGX-ST notes that the company's sufficiency of working capital for at least 12 months after the proposed transfer is dependent on whether the financial institutions will accept the debt restructuring plan put forth by the company,” Ley Choon said in a regulatory announcement.
It added that it may re-apply to SGX for the transfer after the debt restructuring plan has been finalised and accepted by the financial institutions.
Ley Choon on Oct 28 said it planned to transfer to Catalist in order to comply with the coming requirement that all Mainboard-listed companies have a six-month average-weighted trading price of at least 20 cents.
Currently, Ley Choon's stock price hovers around four cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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