General Announcement::APPLICATION FOR EXTENSION OF TIME TO EXIT FROM THE SGX-ST WATCH-LIST

Issuer & Securities

Issuer/ Manager
ALLIED TECHNOLOGIES LIMITED
Securities
ALLIED TECHNOLOGIES LIMITED - SG1O07910928 - A13
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
19-Feb-2016 19:10:18
Status
New
Announcement Sub Title
APPLICATION FOR EXTENSION OF TIME TO EXIT FROM THE SGX-ST WATCH-LIST
Announcement Reference
SG160219OTHRDOD2
Submitted By (Co./ Ind. Name)
Hsu Ching Yuh @ Sheu Ching Yuh
Designation
Chief Executive Officer and Group Managing Director
Effective Date and Time of the event
19/02/2016 17:00:00
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the Board ) of Allied Technologies Limited (the Company , and together with its subsidiaries, the Group ) refers to the Company s announcements dated 14 March 2014 and 17 March 2014, pursuant to which it was announced that the Company will be placed on the SGX-ST Watch-List with effect from 5 March 2014.

In accordance with Rule 1314 and Rule 1315 of the SGX-ST Listing Manual, the Company has to submit an application to SGX-ST for its removal from the Watch-List within twenty-four (24) months of the date on which it was placed on the Watch-List, failing which the SGX-ST may either remove the Company from the Official List or suspend trading of the listed securities of the Company (without the agreement of the Company) with a view to removing the Company from the Official List.

The Board wishes to update the shareholders that the Company has on 19 February 2016 submitted an application to the SGX-ST for an extension of a further twelve (12) months to the aforementioned twenty-four (24) month period to apply for its removal from the Watch-List (the Application ).

The rationale of the Application is as follows:-

(a) For the financial year ended 31 December 2015 ( FY2015 ), the Group had registered an unaudited pre-tax profit of S$0.72 million, after disregarding non-recurrent income of the Group. The Group did not have any non-recurrent income for FY2015. The Company has therefore satisfied at least one of the requirements under Rule 1314(1), in that the Company records consolidated unaudited pre-tax profit for the most recently completed financial year; and

(b) The Company believes that a continued listing in Singapore provides the Group with a robust platform to access the capital markets, and that in the event a further extension of time is granted, there would be other avenues for the Company to consider in order to create long term shareholders value.

The Company will update shareholders of the outcome of the Application in due course.


The Company would like to remind all shareholders that there is no assurance that the SGX-ST will grant the abovementioned extension. As such, shareholders of the Company are advised to exercise caution when dealing in the shares of the Company and to refrain from taking any action in relation to their shares which may be prejudicial to their interests. Persons who are in doubt, as to the action they should take, should consult their stockbroker, bank manager, solicitor, accountant or other professional advisers.

By the Order of the Board



Hsu Ching Yuh @ Sheu Ching Yuh
Chief Executive Officer and Group Managing Director
19 February 2016

Attachments

ATLG Watch List Extension Announcement 19 Feb 2016 to submit.pdf
Total size =209K