by millionairemind » Tue May 18, 2010 7:36 pm
May 18, 2010, 7.05 pm (Singapore time)
Abterra fails to qualify for HKex mainboard listing
By ANGELA TAN
Abterra Ltd said on Tuesday that it will review its plans to seek a dual primary listing of its shares on the Hong Kong stock exchange after its FY2009 results fail to meet the listing criteria for mainboard listing.
'After discussing with several financial advisers, it was concluded that the company would not be eligible based on its latest financial results for FY2009,' Abterra said.
However, it added that it was still keen to seek a dual-listing and is looking to assess its eligibility on the basis of its financial results for the coming financial year ending 31 December 2010.
One of the requirements for a new listing on the main board of the Hong Kong stock exchange is that the listing applicant should have a minimum track record of three financial years under substantially the same management.
Also, the net profit of the listing applicant for the latest completed financial year should not be less than HK$20 million and the aggregate net profit of the listing applicant for the preceding two financial years should not be less than HK$30 million.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch
Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.