General Announcement::Extension of Time Granted

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
17-Mar-2016 19:07:18
Status
New
Announcement Sub Title
Extension of Time Granted
Announcement Reference
SG160317OTHRTF0M
Submitted By (Co./ Ind. Name)
Khoo Boo Han
Designation
Company Secretary
Effective Date and Time of the event
17/03/2016 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 following earlier announcements:

(1) 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; and

(2) Announcement dated 19 February 2016, pursuant to which it was announced that the Company had on 19 February 2016 submitted an application to the SGX-ST for an extension of a further twelve (12) months 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 reported a profit before tax of S$0.72 million and generated a positive cashflow from operating activities after adjustments for a non-recurring one-off project which the Company represented as not in the ordinary course of business in FY2015; and

(b) The Company have demonstrated efforts towards fulfilling the criteria for removal from the Watch-List.

The Board is pleased to announce that the Company has on 17 March 2016 received a notification from the SGX-ST that the Company will be granted a 12-month extension, until 1 March 2017, to meet the requirements to exit from the Watch-List which are set out under Listing Rule 1314, subject to:

(a) the Company announcing via SGXNet the period of extension granted, the reasons for seeking the extension of time and the conditions as required under Listing Rule 107; and

(b) submission of a written confirmation from the Company that the waiver does not contravene any laws and regulations governing the Company and the Memorandum and Articles of Association of the Company.

The Board wishes to remind the shareholders of the Company that the SGX-ST reserves the right to amend/vary the above decision and such decision is subject to changes in the SGX-ST's policies.


By Order of the Board

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

17 March 2016

Attachments

Allied Tech Extension of Financial Watch-List Announcement to submit.pdf
Total size =161K