Notice of 3 Consecutive Years' Losses::NOTICE OF 3 CONSECUTIVE YEARS LOSSES

Issuer & Securities

Announcement Title: Notice of 3 Consecutive Years' Losses
Date &Time of Broadcast: 20-May-2022 21:38:04
Status: New
Announcement Sub Title: NOTICE OF 3 CONSECUTIVE YEARS LOSSES
Announcement Reference: SG220520OTHRSNZ8
Submitted By (Co./ Ind. Name): HONG YONG
Designation: NON_EXECUTIVE CHAIRMAN & LEAD INDEPENDENT DIRECTOR
Description (Please provide a detailed description of the event in the box below): NOTICE OF 3 CONSECUTIVE YEARS' LOSSES

SHANGHAI TURBO ENTERPRISES LTD hereby gives notice that:
(i) it has recorded pre-tax losses for the three (3) most recently completed consecutive financial years (based on audited full year consolidated accounts); and
(ii) its latest 6-month average daily market capitalisation as at (a) is (b)
a) Date: 20/05/2022
b) Latest 6-month average daily market capitalisation: S$5.65 million
The Company wishes to draw investors' attention to Rule 1311(1) of the Listing Manual which states that the Exchange will place an issuer on a watch-list if it records:
pre-tax losses for the three (3) most recently completed consecutive financial years (based on audited full year consolidated accounts); and an average daily market capitalisation of less than S$40 million over the last 6 months.
Investors should also note that pursuant to Practice Note 13.2 Paragraph 2.1, the Exchange conducts quarterly reviews to identify issuers to be included on the watch-list. The quarterly review will take place on the first market day of March, June, September and December of each year. The Company will make an immediate announcement should it be notified by the Exchange that it will be placed on the watch-list.