Yahoo Finance Parkson Retail Asia shares up by 13% after receiving approval for extension of cure period
Shares in Parkson Retail Asia closed 0.7 cents higher or 13.21% up at 6 cents on Dec 4.
Shares in Parkson Retail Asia O9e closed 0.7 cents higher or 13.21% up at 6 cents on Dec 4 after the company announced that the Singapore Exchange S68 Securities Trading Limited (SGX-ST) had given the former its approval to extend its cure period to Dec 2, 2024.
The cure period is for the company to meet the listing requirements for its removal from the exchange’s watchlist.
While the company has met certain conditions to exit the watchlist, including achieving an average daily market capitalisation of $40 million or more over the last six months, its auditors, Foo Kon Tan has stated that the company has a “material uncertainty that may cast significant doubt about the [company’s] ability to continue as a going concern”.
For the FY2022 ended Dec 31, 2022, Parkson Retail Asia reported net cash generated from its operating activities of $99.5 million. The company’s net cash generated from its operating activities stood at $22.5 million as at the 1HFY2023 ended June 30.
Its consolidated profit before tax from continuing operations for FY2022 stood at $41.9 million while its consolidated profit before tax from continuing operations for 1HFY2023 stood at $24.6 million.
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