Tee International announced, on Jan 12, that it has received a notification of delisting from the Singapore Exchange S68 Regulation (SGX RegCo).
The company received a rejection by the Singapore Exchange Securities Trading Limited (SGX-ST) on Jan 10 after it was unable to provide substantive details of its proposed acquisition. The company also failed to prove that its plans – including the proposed acquisition – would enable it to operate as a going concern and enable trading resumption.
Tee International, on Dec 14, 2023, announced that it was proposing to acquire Carats&Co, a signs and displays manufacturer for around $14.0 million. The company entered into a binding term sheet with Carats&Co’s shareholders on the same day.
On Dec 27, 2023, Tee International also submitted an application to the Singapore Exchange (SGX) for a further extension of time up to March 31 to allow the company and its respective professional advisers sufficient time to work towards the re-submission of a resumption proposal.
In its delisting notification, the SGX RegCo noted that shares in Tee International had been suspended since June 18, 2021, and that the company had not met the requirements of Listing Rule 1304(1) of the SGX-ST to submit a proposal to resume trading in its securities within 12 months of the date of its suspension and the extended timeline of April 30, 2023.
“In view of the aforementioned, as the company has not submitted a definitive resumption proposal that will enable trading in the company’s securities to resume, the Exchange will proceed to delist the company pursuant to Listing Rule 1304(1) of the SGX-ST,” reads the Jan 12 filing.
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Shares in Tee International will remain suspended until its delisting on Feb 10.
Tee International says its board is currently reviewing the delisting notification and is preparing additional information to address the exchange’s concerns with the intention to submit an appeal to SGX RegCo.
Shares in Tee International last traded at 3.2 cents.
