Debao Property Development Addresses SGX Queries on ACRA Strike-Off Notice

MT Newswires

2024-10-04

Debao Property Development (SGX:BTF) responded to queries from the Singapore Exchange Securities Trading (SGX-ST) regarding its ACRA strike-off notice, according to a Thursday filing on the Singapore Exchange.

The property developer clarified that it has not received any further notice from ACRA since lodging its objection on Dec. 6, 2023, and believes the strike-off action is inactive.

Debao has been awaiting approval from Huarong since January 2023, with expectations of a decision by Chinese New Year 2025. If delays continue, the company may consider voluntary liquidation, weighing exit options between an exit monetary offer and voluntary liquidation, requiring majority shareholder approval.

However, the board is divided on voluntary liquidation, with independent directors favoring it due to the lack of exit offers, while the CEO and executive directors prefer pursuing a delisting offer.

The company also aims to fill a vacancy in its audit committee by the end of October 2024.

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