SGX Extends Deadline for Ayondo’s Proposal to Resume Stock Trading

Catalist-listed Ayondo's application to extend the submission deadline for a proposal to resume trading has been accepted by the Singapore Exchange (SGX).

Shares of Ayondo were halted and then suspended from trading since January 30, 2019, after it faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the UK. According to SGX's listing rules, the social trading and brokerage firm had to submit a proposal with a view to resuming trading within 12 months of this suspension date.

Earlier in January, the loss-making firm said in a filing to the Singapore Exchange that it had submitted an application to extend this deadline by three months, until April 30, 2020. The request was made in order to complete the proposed change of its current auditors, and complete its quarterly reports after it has experienced senior staff turnover.

In a regulatory filing on Wednesday, Ayondo said:

"The Board wishes to inform that the SGX-ST has on 25 February 2020 informed that it has no objection to the Company's application for a three (3) months extension of time (from the deadline of 31 January 2020) under Rule 1304(1) of the Section B: Rules of Catalist of the SGX-ST Listing Manual ("Catalist Rules") to submit a proposal with a view to resume trading in the Company's securities (the "Resumption Proposal") by 30 April 2020 (the "Waiver")."

On its rationale for the deadline extension, Ayondo said that upon completion of these measures, the group believes it would be in a better position to submit resumption proposals to the Singapore bourse.

Ayondo, which was the first fintech company to IPO on the Singapore Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (SGX), faced working capital deficiency from continued losses. According to its filings, the business was hit hard by regulatory changes relating to product intervention imposed by European and UK regulators.

To resolve these issues, Ayondo tried to reduce its liabilities through the sale of its UK unit Ayondo Markets Limited (AML) for £5.7 million to its Netherlands-based white label partner BUX Holdings. The deal was completed in mid-2019 after Singapore's regulators told Ayondo earlier to put on hold its plan to dispose of AML pending clarity over its financial situation as well as compliance with the FCA in the UK.

Ayondo offers a broad spectrum of social trading and brokerage services that cover both retail and institutional sectors. The group claims to have 210,000 users from 195 countries on its social Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.