SINGAPORE (Mar 6): DMX Technologies has received approval from the Singapore Exchange (SGX) to delist upon start of the creditors’ voluntary liquidation (CVL) process.

A special general meeting (SGM) is to be held in due course to obtain shareholder approval for CVL.

DMX will be allowed to delist and remove itself from the official list of the SGX approximately two weeks after the SGM, subject to shareholder approval.

To recap, DMX on Jan 18 announced that its board was proposing to place the company under CVL for the best interest of its shareholders and other stakeholders.

This came after considering its losses incurred from accounting irregularities incurred during Deloitte’s tenure as its auditor; the group’s loss-making position despite its efforts to streamline operations as well as failure to obtain an exit offer from other parties, including its shareholders.

Separately, the group says it is currently in discussion with various parties for the proposed disposal of DMX (BVI), a direct wholly owned subsidiary, of its 100% shareholding interest in DMX Packet (Malaysia).  

DMX has already received various non-binding offers for the disposal, it adds, and further discussions are currently happening between DMX (BVI) and these parties.

DMX is presently in the midst of suing Deloitte for professional negligence as well as claiming for losses and damages suffered over accounting discrepancies which were discovered in 2015.

Earlier last month, the group said it filed a police report against its former management in Hong Kong for “suspicious transactions”.

Shares in the group has been suspended from trading since 2015.