Reasons for SC Rejection of IPO Applications 2011 (For Q3 2011)


Reason(s) for Rejection

Main Market (MM)


Company 1/11/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.


Company 2/11/MM

  • 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.


Company 3/11/MM

  • Application rejected due to corporate governance concerns.