United Food Holdings faces delisting by SGX, exit offer to follow
The company has been on the Watch-list since 2019.
The Singapore Exchange Securities Limited (SGX-ST) has mandated the delisting of United Food Holdings.
United Food Holdings disclosed in a bourse filing that it failed to meet the requirements to exit the SGX-ST Watch-list and resolve issues highlighted by an independent audit, particularly regarding the legitimacy of transactions by its subsidiary, Hebei Xingrun Shenwu Keji Gufen (HBXR), leading the exchange to proceed with its delisting.
The company has been on the Watch-list since 6 June 2019, after posting pre-tax losses for three consecutive years and experiencing a drop in its average daily market capitalisation below $40m.
Given the delisting mandate, United Food Holdings or its controlling shareholders must provide shareholders with a “fair and reasonable exit offer.”
The proposal for this exit offer must be submitted “as soon as practicable," but no later than one month from 14 August, the day the company received the delisting notification.
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