In addition, it was also placed on the watch list under the minimum trading price criteria on June 5, 2017, for failing to maintain a six-month volume-weighted average trading price of 20 Singapore cents, and a S$40 million market cap. It has until June 4, 2020 to cure that status, or it could be forced to delist..
Nico Steel said on Tuesday that its board will continue to monitor and explore options to comply with the financial exit criteria and the MTP exit criteria.Barring unforeseen circumstances, the board and management are also “reasonably optimistic” that the group will remain profitable in FY2020. Nico Steel said it will continue to improve the functionality and performance of its customers’ electronic mobile devices for 5G, through its customised metallurgical and materials solutions, and the proprietary Nico brand of metal alloys.
“The group believes that its financial performance will be improved through its value-creation for its customers,” it noted.ended Feb 28, slightly more than seven times its net profit of US$34,000 a year ago. This came on the back of a 14.2 per cent increase in revenue to US$15.1 million, supported by demand for its proprietary metal alloy brand.
On Tuesday, the company also said it will announce its unaudited interim financial statements for the six months ending Aug 31, 2019 in October this year, when it will also give its next quarterly update under listing rules. The firm is not required to announce quarterly financial results.
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