Food products company United Food Holdings says it is “making its best efforts” to complete its exit offer and will make a formal announcement in the subsequent two weeks.
The company was directed by the Singapore Exchange Regulation (SGX RegCo) to be delisted in August 2024 after the company was unable to address concerns highlighted by an independent auditor. United Food Holdings was also unable to fulfil the criteria to exit the SGX’s watch-list so far.
United Food Holdings was placed on the watch-list since June 6, 2019, after it recorded pre-tax losses for three straight financial years. Its market capitalisation then was also less than the regulatory $40 million.
In its Jan 9 announcement, the company reported revenue of RMB0.0 million in the 2QFY2025 ended Sept 30, 2024, unchanged from the first quarter ended Sept 30, 2023.
The company added that it was currently searching for an independent financial adviser (IFA) and expects to appoint one by the end of January.
The company, with the IFA, will then finalise amendments to its exit offer and submit them to the relevant regulators for final review.
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The exit offer is expected to be completed by March.
The company is also looking for its new company secretary to handle the delisting process.
Shares in United Food closed flat at 4.3 cents on Jan 9.
