Centurion to withdraw listing from HKEX

The company will retain its primary listing on the SGX.

Centurion Corporation applied for a voluntary withdrawal of the listing of shares on the Main Board of the Stock Exchange of Hong Kong (HKEX) citing cost and utility.

In a disclosure, Centurion said it proposed to delist as the volume trading of its shares “remains very limited” since it started offering on 12 December 2017, and it “has not had the appropriate opportunity to take advantage of HKEX platform for any secondary equity fundraising activities in Hong Kong.”

The company added that it would have to shell out costs and would entail an administrative burden to maintain its listing on HKEX as this would require more ongoing regulatory compliance obligations.

“For the reasons stated above, the Directors believe that the Proposed De-Listing is in the best interests of Shareholders and the Company as a whole,” the company said.

READ MORE: Centurion’s group revenue climbs 5% YoY to $47.1m in Q1

Centurion will retain its existing primary listing on the Singapore Stock Exchange (SGX).

The company’s directors also do not expect that its implementation will result in a diminution of net asset value or earnings per share or negatively affect its business. They expect that the move will allow the company to save costs.

Shareholders may opt to hold the shares which will not be traded on HKEX after the last dealing date or deposit them to The Central Depository (Pte) Limited and comply with laws and procedures, holding the shares listed and can be traded on SGX.

The Shareholders should approve the proposed delisting at an extraordinary general meeting.