Shen Yao (SGX:A78) has been deemed a cash company by the Singapore Exchange as of March 22, according to a Thursday filing on the Singapore Exchange.
The decision follows the company's lack of an operating business with recurring revenue. Trading of its shares has been voluntarily suspended since March 2023 as the company restructures its debts.
Under SGX rules, Shen Yao must place 90% of its cash into an escrow account and secure a new business within 12 months or risk being delisted.
The company is seeking investors but is also facing litigation filed by Golden Point Group Pty Ltd, which could extend over 18-24 months.
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