Nico Steel Holdings gets one year extension to exit SGX watchlist

It has recorded pre-tax profits of $635,431.68 based on consolidated audited accounts in February 2019.

Metal alloy manufacturer Nico Steel Holdings has been granted a one year extension to meet the requirements for removal from the Singapore Exchange Securities Trading’s (SGX-ST) watchlist by 4 September 2020, a filing with the local bourse revealed.

The firm was first placed on the watchlist in September 2016 after failing to have a volume-weighted average price of at least $0.20 per share as set out under the rules of the SGX-ST listing manual.

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Issuers placed under the watchlist are given 36 months to be removed. Failure to do so will result in the delisting of the company from the SGX-ST or suspension of the firm’s shares with a view to delisting the company.

Nico Steel Holdings applied for the extension in April 2019 after it recorded pre-tax profits of $283,166.78 (US$209,000) and $635,431.68 (US$469,000) based on consolidated audited accounts in February 2018 and 2019, respectively.

“As at 28 February 2019, the group has a positive operating cash flow of $1.08m (US$798,000) and was in a net cash position, with cash and cash equivalents of $6.77m (US$5m),” the firm’s executive chairman and president said.