Reasons for SC Rejection of IPO Applications 2011 (For Q3 2011)
Reason(s) for Rejection
Main Market (MM)
- The applicant recorded negative cash flows from operating activities for financial years under review.
- The above constituted a non-compliance with Paragraph 5.08 (b) of SC’s Equity Guidelines.
- Concerns over applicant’s compliance with Paragraph 5.08 (a) of the SC’s Equity Guidelines, which states that the applicant must have a healthy financial position with sufficient level of working capital for at least 12 months from the date of the listing prospectus.
- Application rejected due to corporate governance concerns.