Halcyon Agri Faces Expiry of Compliance Extension, Fails Free Float Test

MT Newswires

2024/08/26

Halcyon Agri (SGX:5VJ) said the further extension granted by the Singapore Exchange Securities Trading Limited (SGX-ST) to comply with Rule 723 of the Listing Manual expired on August 23, according to a same-day filing on the Singapore Exchange.

Despite extensive efforts, the company has been unable to restore the free float required by the rule. The board stated that restoring the free float has proven challenging due to the minimum price requirement of SG$0.41 per share, as mandated by regulatory authorities in China.

The company had explored various options, including transferring shares and issuing new shares, but faced difficulties due to market conditions and regulatory constraints. Given these challenges, the board has decided not to seek an additional extension.

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