TT International submitted its delisting application on March 5 after Baker Tilly Advisory reported that the company was insolvent, with its liabilties significantly exceeding its assets.
TT International will voluntarily delist from the Singapore Exchange (SGX) at 9am on April 2, the company announced on March 25.
SGX said it has “no objection” to the proposed delisting, subject to two conditions, both of which have been met. The first required the submission of a written confirmation to show that the liquidators, Baker Tilly, are not aware of “any information that will have a material bearing on investors’ decision which has yet to be announced”. The second required TT International to make an “immediate announcement” of the proposed delisting including the date and time.
