AGV Group’s shares will be delisted at 9am on Oct 7, announced the company on Oct 3.
The company received a notification of delisting from the Singapore Exchange S68 Securities Trading Limited (SGX-ST) on Oct 2, it said.
Trading of the company’s shares will remain suspended until it is removed from SGX’s official list.
On Nov 25, 2022, AGV Group was ordered to be wound up by the High Court of Singapore. Leow Quek Shiong and Gary Loh Weng Fatt of Messrs BDO Advisory, who were the judicial managers of the company, were appointed as the company’s joint and several liquidators at the same time.
In its Oct 3 statement, AGV Group says its liquidators have made their assessment and are of the view that the company’s debts “far exceed” its assets realised and accordingly, the company is insolvent.
Furthermore, the company is unable to make any distributions or an exit offer to its shareholders.
See also: Second Chance Properties to delist on Nov 11
After the delisting, AGV Group’s shares will no longer be deposited with The Central Depository (CDP).
“As the company does not have the financial resources, the company will not be arranging for the issuance of share certificates to shareholders,” says AGV Group.
It adds that shareholders should contact Dev Nandwani and Nicolette Ng of BDO Advisory for queries relating to its shares after its delisting date.
Shares in AGV Group last traded at 1 cent.
