ASL Marine Holdings has applied to the Singapore Exchange S68 Securities Trading Limited (SGX-ST) to exit from the watch-list on Nov 28.
The company was placed on the watch-list on Dec 4, 2019, after recording pre-tax losses for its three most recently completed financial years. At the time, ASL Marine also had an average daily market capitalisation of less than $40 million over the last 6 months.
On Dec 1, 2023, the company announced that it has sought the approval of the SGX-ST for an extension to comply with rule 1315 of the listing manual, where the company may be removed from the exchange if it fails to comply with the exit criteria within the 36-month cure period.
ASL Marine Holdings has till Dec 4 to fulfil rule 1314 of the listing manual, where it has to record a consolidated pre-tax profit for its latest financial year and has an average daily market capitalisation of $40 million or more over the last six months.
For the FY2024 ended June 30, the company reported earnings of $3.9 million, 10.6% higher y-o-y. For the 1QFY2025 ended Sept 30, the company reported earnings of $130,000, 96% lower y-o-y due to lower revenue and other operating income, higher selling and distribution, administrative and other operating expenses, as well as a bigger impairment loss on financial assets.
The company also announced that it is supposed to pay additional interest on Series 006 and 007 notes if its adjusted core ebitda exceeds $65 million. The payment rate is 0.15% for every $1 million of adjusted core ebitda amount above $65 million. As ASL Marine’s core ebitda in FY2024 stood at $75 million, the company will have to pay additional interest at a rate of 1.5% per annum on the notes.
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There are $100,000 worth of Series 006 notes with a coupon of 4.75% per annum and due in 2025. There are $50,000 worth of Series 007 notes with a coupon of 5.35% per annum and due in 2026.
Shares in ASL Marine closed flat at 5.6 cents on Nov 28.
