Swing Media Technology Group to wind up and delist from SGX
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said in a bourse filing late Friday (Nov 24) that its shares will be delisted and the company wound up.
The manufacturer of data storage products will be delisted from the SGX mainboard at 9 am on Dec 11, 2023.
It said that SGX has “no objection” to the proposed delisting. Trading in the company’s shares has been suspended since 2017.
Since it is in liquidation and its “realisable assets are insufficient to cover its liabilities”, the company does not have the means to make an exit offer or to make any distribution to shareholders.
There is also no intention to dispatch physical share certificates to shareholders following the delisting “to avoid incurring unnecessary costs and expenses in the course of winding up.”
A winding-up petition was presented against Swing Media Technology Group to the High Court of the Hong Kong Special Administrative Region in 2017, and trading of its shares on SGX was voluntarily suspended the same year. Liquidators of the company were appointed in 2018.
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