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SINGAPORE: The Singapore Exchange (SGX) said it will grant a 12-month extension for companies on its "Watch-List" to improve their financial performance and be removed from the list.
To make an exit from the Watch-List, the companies must either report a pre-tax profit, or have a minimum market capitalisation of S$40 million, SGX said.
"In view of the unusual and difficult market conditions of the last two years, SGX has decided to grant Watch-List companies an extension to improve their business performance," said Ms Yeo Lian Sim, senior executive vice president and head of Risk Management & Regulation.
Eight companies on the list, which are up for review this year, will qualify for the extension.
They are ASA Group Holdings, Chinasing Investment Holdings, Chuan Soon Huat Industrial Group, Fastech Synergy, General Magnetics, Ionics EMS Inc, RH Petrogas, and Unified Communications Holdings.
The review for the eight firms is scheduled for March 4, but with the extension they will be re-assessed in March 2011, the SGX said.
Still, companies that are given the extension are required to continue providing quarterly updates on their financial situation, such as future directions and any other material developments, the exchange added.
Governing rules for the Watch-List was first announced by SGX in March 2008.
Under the SGX listing rules, listed companies may be placed in the Watch-List if they report pre-tax losses for three consecutive years or have less than S$40 million average capitalization over the last 120 trading days.
These companies are given 24 months to buck-up and improve their company's financial performance to make an exit from the list.
Meanwhile, companies which do not fulfil the profit and market capitalization requirement could face delisting. - CNA/vm
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