Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities::Singapore Exchange Regulation Pte Ltd Directs Delisting of Lankom Electronics Limited

Issuer & Securities

Issuer/ Manager
LANKOM ELECTRONICS LIMITED
Securities
LANKOM ELECTRONICS LIMITED - BMG5378M1156 - L22
Stapled Security
No

Announcement Details

Announcement Title
Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities
Date &Time of Broadcast
26-Oct-2018 18:07:35
Status
New
Announcement Sub Title
Singapore Exchange Regulation Pte Ltd Directs Delisting of Lankom Electronics Limited
Announcement Reference
SG181026OTHR3M8C
Submitted By (Co./ Ind. Name)
Listing Compliance
Designation
Singapore Exchange Regulation
Effective Date and Time of the event
26/10/2018 17:06:00
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) is directing the delisting of Lankom Electronics Limited.

The shares of the Company will be delisted with effect from 9.00 a.m. on 5 November 2018.

Trading in Lankom shares has been suspended since 18 March 2013 as the Company was not able to meet the requirements to exit from the watchlist under the financial exit criteria. The Company was placed on the watch-list on 3 March 2010 after recording losses for 3 consecutive financial years. Its market capitalisation was approximately S$1.8 million at the time of the suspension.

During the suspension period, the Exchange held various discussions with the Company's controlling shareholder with a view of either procuring a cash exit offer for minority shareholders and/or having the Company undertake a voluntary liquidation and returning any surplus cash to shareholders. However, since 20 October 2016, the controlling shareholder has ceased to extend cooperation to the Exchange.

Based on the latest announced financial statements for the financial year ended 31 December 2012 prior to the suspension, the net liability of the group was NT$28,968,000 (approximately S$1,217,140).

DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.