General Announcement::INTENTION TO TRANSFER LISTING FROM THE MAIN BOARD OF THE SGX-ST TO THE CATALIST SPONSORED REGIME

Issuer & Securities

Issuer/ Manager
MIYOSHI LIMITED
Securities
MIYOSHI LIMITED - SG1J04885492 - M03
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
15-Feb-2016 17:31:52
Status
New
Announcement Sub Title
INTENTION TO TRANSFER LISTING FROM THE MAIN BOARD OF THE SGX-ST TO THE CATALIST SPONSORED REGIME
Announcement Reference
SG160215OTHRXK1E
Submitted By (Co./ Ind. Name)
Sin Kwong Wah Andrew
Designation
CEO
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of (the Board) of Miyoshi Limited (the Company, and together with its subsidiaries, the Group) wishes to announce that the Company intends to undertake the proposed transfer (the Proposed Transfer) of the listing of the Company from the Main Board of the Singapore Exchange Securities Trading Limited (the SGX-ST) to the Catalist Board of the SGX-ST (the Catalist).

The Company s current trading price is significantly below the 20 cents minimum trading price requirement (MTP Requirement) as imposed on Main Board listed companies. Based on the foregoing, the Company expects that it would have to carry out substantive corporate actions (including without limitation share consolidation, restructuring, business acquisitions) to raise its share price to meet the MTP Requirement if it wishes to remain on the SGX Main Board.

The Board is of the view that the Proposed Transfer and listing on the Catalist will position the Company appropriately and better allow the Company to attract investors in the future. In addition, the Board believes that the business, market capitalisation and risk profile of the Group better resemble that of the companies on the Catalist.

The Proposed Transfer is subject to, inter alia, the following:

(a) the approval of shareholders of the Company (Shareholders) for the Proposed Transfer at an extraordinary general meeting (EGM) to be convened; and

(b) the in-principle approval of the SGX-ST for the Proposed Transfer.

An application to the SGX-ST in relation to the Proposed Listing will be made in due course. The Company will make appropriate announcement on the outcome of the application. The Company will also update the Shareholders as and when there are any material developments in respect of the Proposed Transfer.

Shareholders and potential investors should exercise caution when trading in the shares as there is no certainty or assurance as at the date of this announcement that approval for the Proposed Transfer will be obtained or if the Proposed Transfer will eventually be undertaken at all.

Attachments

20160215-SGXannMiyoshiIntentionToTransferAnnt.pdf
Total size =55K