With that, it teamed up with Livingstone for an RTO deal. Livingstone, previously Ardmore Medical Group, had also plans to IPO but the plans were shelved due to “unfavourable circumstances”.
Livingstone has successfully completed its strategic review under the leadership of CEO Wilson Tay and the senior management. This review follows the completion of its reverse takeover (RTO) of previously Citicode; commencement of trading of its shares on SGX’s Catalist Board; and the change of financial year ended Mar 31, 2021 for FY2021, which will cover a period of 15 months from Jan 1, 2020 to Mar 31, 2021.
To recap, Citicode, also previously known as Advance SCT, was in the business of mechanical and electrical (M&E) engineering for smart cities, but due to Covid-19 disruptions and the long gestation periods associated with the M&E projects, as well as supply chain disruptions, then chairman and CEO of Citicode Teh Wing Kwan decided to pivot away from the M&E business and forge towards a new path – healthcare.
