SGX RegCo rejects Regal International's delisting appeal

The regulator said the proposed exit offer should be announced as soon as possible. 

Regal International Group Ltd. announced that the Singapore Exchange Regulation (SGX RegCo) has rejected its appeal against the notification of delisting and the application for extension of time for the firm to provide its exit offer proposal.

Citing the notification letter, Regal International said the regulator saw no reason to grant the applications. Authorities also said that the company “is to announce the exit offer proposal required under Listing Rule 1309 on SGXNet as soon as practicable.”

On 27 March, the company announced it had received a notification of delisting from the Singapore Exchange Securities Trading Limited (SGX-ST).

The SGX-ST said IHH failed to comply with listing rules and lacked efforts to comply with the requirements with a view to resuming trading

Regal International appealed the delisting on 19 April. The firm also said it needs more time to prepare the exit offer, and liaise and communicate this with an independent financial adviser.

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The company has appointed Evolve Capital Advisory Private Limited as the independent financial adviser to advise on the exit offer.