General Announcement::UPDATE ON CESSATION OF CONTINUING SPONSORSHIP

Issuer & Securities

Issuer/ Manager
TRANSCORP HOLDINGS LIMITED
Securities
TRANSCORP HOLDINGS LIMITED - SG1J09885596 - T19
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
13-Jun-2020 12:03:13
Status
New
Announcement Sub Title
UPDATE ON CESSATION OF CONTINUING SPONSORSHIP
Announcement Reference
SG200613OTHRE7X9
Submitted By (Co./ Ind. Name)
Vincent Chia
Designation
Non-Executive Chairman and Independent Director
Description (Please provide a detailed description of the event in the box below)
UPDATE ON CESSATION OF CONTINUING SPONSORSHIP


The board of directors (the Board ) of Transcorp Holdings Limited ( Transcorp or the Company and together with its subsidiaries, the Group ) refers to the announcement dated 18 March 2020 ( Announcement ) in connection with the receipt of a written notification (the Notification ) from the Company s continuing sponsor, Asian Corporate Advisors Pte. Ltd. ( ACA ), of its intention to terminate the continuing sponsorship for the Company with effect from 13 March 2020. The Board wishes to announce that the sponsorship by ACA has ceased with effect of today, 12 June 2020 and the Company has not appointed new sponsor as at 12 June 2020.

As stated in the Announcement and Notification, ACA was, inter alia, unable to satisfy itself that the Company has sufficient systems, procedures, controls and resources to comply with the rules (as stipulated in Rule 226(1)(c) of the Listing Manual of the Singapore Exchange Securities Trading Limited ( Exchange ) Section B: Rules of Catalist ( Catalist Rules )).

Pursuant to the Announcement, it was stated that ACA had also reminded the Company in the Notification on the following provision of the Catalist Rules:-

(a) Rule 746(4) - If an issuer does not have a sponsor undertaking continuing activities for it, the Exchange will suspend the issuer until a sponsor takes on the activity (or for the Company s particular case, will remain suspended).

(b) Rule 746(5) The Exchange may remove an issuer from the Official List that does not have a sponsor for more than 3 continuous months.

It was stated in the Announcement that in view of, inter-alia, the pending independent review as announced on 4 June 2019, the Sponsor is unable to confirm, pursuant to Rule 228(5) of the Catalist Rules, that it is not aware of any non-compliance with the Catalist Rules by the Company that has not been brought to the attention of the Exchange.


BY ORDER OF THE BOARD


Chia Siak Yan Vincent
Non-Executive Chairman and Independent Director


12 June 2020


This announcement has been prepared by the Company and its contents have been reviewed by the Company s sponsor ( Sponsor ), Asian Corporate Advisors Pte. Ltd., in accordance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited ( Exchange ) Listing Manual Section B: Rules of Catalist for compliance with the relevant rules of the Exchange. The Company s Sponsor has not independently verified the contents of this announcement including the correctness of any of the figures used, statements or opinions made.

This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr. Liau H. K.
Telephone number: 6221 0271