$Parkson Retail (O9E.SG)$ delisting from Singapore?

bullrider_21 : Where did you hear it from?

HHHandsome bullrider_21 : Parkson is coming soon? What is the tp roughly?

bullrider_21 HHHandsome : I'm referring to the delisting. I think it may rise to around 0.067.

102183560 OP bullrider_21 :

HHHandsome 102183560 OP : Bad haiz news?

bullrider_21 : Not delisting. It's on the watchlist because of 3 years of losses. To be removed from the watchlist, some conditions must be satisfied.

1. It must achieve an average daily market capitalisation (ADMC) of $40 m or more over the last 6 months. Satisfied.

2. Satisfied. It has achieved healthy cash flow from its operating activities as the net cash generated from the Group's operating activities for the financial year ended 31 Dec 2022 (FY2022) was approximately $99.5 m. Based on the unaudited financial results for the 6 months ended 30 Jun 2023, the net cash generated from the operating activities for 1H2023 was approximately $22.5 m; and

3. It has made considerable progress towards the satisfaction of the criterion under Rule 1314 of the Listing Manual of recording consolidated pre-tax profit for its most recently completed financial year (based on full year consolidated accounts):

(i)  based on the latest audited full year consolidated financial statements for FY2022, the consolidated profit before tax from continuing operations for FY2022 was approximately $41.9 m; and  

(ii)  based on the 1H2023 Results, the  consolidated profit before tax from continuing operations for 1H2023 was approximately $24.6 m.

However, in respect of the FY2022 Results, the Company's auditors, Foo Kon Tan LLP, have stated that notwithstanding that the Company reported a consolidated pretax profit for FY2022, a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern existed1. The Company noted paragraph 3.3 of Practice Note 13.2 of the Listing Manual which provides that the SGX-ST will reject an application to exit from the Watch-List if the issuer's auditors have stated that a material uncertainty related to going concern exists. As such, the Company has taken the view that it is presently not in a position to make an application to exit from the Watch-List.

102183560 OP : Thank you for the explanation!! Thank you