General Announcement::Extension of Time Granted

Issuer & Securities

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

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Dec-2015 20:01:51
Status
New
Announcement Sub Title
Extension of Time Granted
Announcement Reference
SG151203OTHRT5XP
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) refers to the Company's following earlier announcements:

(1) Announcement dated 3 September 2013, pursuant to which it was announced that the Company will be placed on the SGX-ST Watch-List with effect from 4 December 2013; and

(2) Announcement dated 30 October 2015, pursuant to which it was announced that the Company had on 30 October 2015 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 August 2015 ( FY2015 ), the Group had registered an adjusted pre-tax profit of S$1.2 million for FY2015, 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 Listing Rule 1314(1); 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 Board is pleased to announce that the Company has on 3 December 2015 received a notification from the SGX-ST that the Company will be granted a 12 month extension, till 3 December 2016, to meet the requirements to exit from the Watch-List which are set out under Listing Rule 1314, subject to:-

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

(ii) submission of a written confirmation from the Company that the waiver does not contravene any laws and regulations governing the Company and the 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 the Order of the Board

Sin Kwong Wah Andrew
CEO
3 December 2015

Attachments

20151203-SGXannGrantOfExtTime.pdf
Total size =50K