SMI Vantage will be delisting from the Singapore Exchange S68 (SGX) after the SGX-ST rejected its application for a further extension of time to meet the requirements to be removed from the SGX watch-list.
According to a bourse filing, SMI Vantage was rejected as there are no ‘extenuating reasons’ to grant a further extension of time.
“In coming to its decision, the SGX-ST had noted, among others, the company’s continuing net loss position after it was placed on the watch-list, as well as its low and decreasing market capitalisation which was at $13.86 million as at July 30,” it adds.
SMI Vantage’s securities will be suspended with effect from September 2 until the completion of the exit offer.
The company is considering its next steps, including making an appeal of the decision.
Shares in SMI Vantage closed 0.1 cent higher or 4.35% up on July 30 at 2.4 cents.
