Company Requests Additional Time to Meet Financial Criteria
Ossia International, a Singapore-based distributor and retailer of luxury goods, has confirmed that the Singapore Exchange Securities Trading (SGX-ST) has no objections to granting the company a third extension to meet the financial criteria required to exit the watch list.
In a bourse filing on Tuesday (Dec 27), Ossia announced that it is seeking a 12-month extension until December 4, 2023, with the original deadline set for December 4, 2020. The extension is contingent upon the company meeting specific waiver conditions, including providing reasons for requesting the extension.
Ossia has reported making significant progress toward profitability, having achieved a consolidated pre-tax profit for the financial years ending March 31, 2020, 2021, and 2022. However, the company has yet to meet all the required financial exit criteria. Notably, it has not reached an average daily market capitalisation of S$40 million or more over the past six months; its market capitalisation is currently S$29.05 million as of Tuesday.
Should it satisfy the conditions outlined in the waiver, Ossia will remain on track for eventual exit from the watch list. Despite the company’s ongoing efforts, shares of Ossia remained unchanged, closing at S$0.115 on Tuesday.
