Lung Kee (Bermuda) Holdings has received confirmation from the Singapore Exchange S68 Securities Trading Limited (SGX-ST) that it has no objection to the proposed delisting.
Lung Kee, on Sept 22, announced that it is seeking to delist from the Mainboard of the SGX-ST citing a “generally thin” trading volume of its shares on the exchange.
The company has a secondary listing on the SGX and a primary listing on the Stock Exchange of Hong Kong (SEHK).
In its Sept 22 announcement, the company added that the trading volume of the shares on the SEKH “significantly exceeds” its trading volume on the SGX-ST.
Furthermore, the proposed delisting will “eliminate the additional administrative overhead and costs of compliance associated” with the requirements of listing on the SGX-ST. It will also “allow the company to streamline its compliance obligations, reduce its legal and compliance costs, and focus its resources on its business operations”.
Central Depository (CDP) depositors may continue to trade or sell their shares on the SGX-ST up to and including the last day of trading, which is tentatively Jan 19, 2024. The date is based on the indicative timetable for the proposed delisting.
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Central Depository (CDP) depositors are also given the option to keep their shares in Lung Kee and trade its shares on the SEHK. Should they wish to do so, they will have to transfer their shares between Oct 23 and Dec 22. The transfer period will close at 5pm on Dec 22.
Shares in Lung Kee closed at 50 cents on Oct 20.
