Mainboard-listed Winas Limited is set to be delisted after failing to get approval from the Singapore Exchange 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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