Kingboard Copper Foil, Debao removed from SGX watch list, Nico Steel included

Kingboard Copper Foil, Debao removed from SGX watch list, Nico Steel included

Michelle Zhu
05/09/16, 08:50 am

SINGAPORE (Sept 5): Kingsboard Copper Foil Holdings and property developer Debao will be removed from the Singapore Exchange (SGX) watch list.

On the other hand, Nico Steel Holdings, a metal alloy and metallurgical solutions provider, will be included. Both transitions will take place with effect today.

In a Monday statement, Kingsboard Copper Foil says SGX has assessed the company for removal from the watch list and based on its volume-weighted average price over the last six months.

The company was placed on SGX’s watch list earlier this year on March 3 due to the Minimum Trading Price (MTP) entry criterion, which involves recording a volume weighted average price of less than 20 cents over the last six months.

Last Friday, Debao also announced it would be removed from the watch-list on Monday. It has been on the watch-list since March 3 this year.

The property developer said it recorded a volume weighted average price of at least 20 cents over the last six months, and has thus been notified of its removal from the watch-list by the SGX.

In a separate filing on Monday, Nico Steel Holdings says it was notified by SGX last Friday that it would be placed on the watch list pursuant to the Financial Entry Criteria, meaning that the company recorded pre-tax losses for the three most-recently completed consecutive financial years.

Should the company fail to take active steps to restore its financial health and meet the requirements of the Financial Exit Criteria within 36 months, it will be delisted by the Singapore Exchange Securities Trading (SGX-ST), or its shares will be suspended with a view to delisting the company.

Nico Steel Holdings says its business shall continue as usual, and that trading in its securities will also go on unless a trading halt or suspension is effected.

Kingboard Copper Foil last traded at 24 cents on Friday; Debao last traded at 18 cents on Sept 1 while Nico Steel Holdings last traded at 2 cents on Aug 16.


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