SINGAPORE - The Singapore Exchange on Sunday night said that it will not be acceding to watch-listed construction firm Swee Hong's delisting appeal as well as its request for an extension of six months for the company to submit its resumption proposal.The exchange said that it took into account the fact that Swee Hong's scheme of arrangement approved on Sept 2, 2020 will result in the company no longer being in a net liability position upon completion of the scheme.
SGX said that it is highly speculative, and there is no certainty that the company will be able to secure any actual projects. SGX also pointed out that there were discrepancies between unaudited and audited accounts, with the re-stated revenue for FY2019 reduced by $36 million to a negative $11.2 million from a previously reported revenue of $25.14 million due to an allowance for impairment loss of $32.3 million against the revenue.
Source: News Formal (newsformal.com)
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