SGX-ST Grants Ayondo Another Extension for Proposal to Resume Trading

Ayondo, an investment firm based in Zurich, has yet again passed the deadline for when it needs to submit its proposal to resume trading in its securities extended by the Singapore Exchange Securities Trading Limited (SGX-ST).

In a regulatory filing this Thursday, Ayondo outlined that on 9th September 2020 SGX-ST informed the company that it has no objections to the firm’s application to extend its deadline to 30th October 2020.

Shares of Ayondo were halted and then suspended from trading since 30th January 2019, after it had faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term 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.

As Finance Magnates reported, the trading provider extended its deadline back in February of this year, by three months until 30th April 2020. The deadline was then extended until July, and now until October.

The extension from SGX-ST has been granted subject to Ayondo revealing that it has requested the deadline and that it outlines the reasons why it sought out the extension. Furthermore, the firm needs to provide regular updates to the SGX-ST and the investors via SGXNET on the company’s progress in meeting key milestones of its proposed Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Speed Success Group Limited.

Ayondo Requests Extension Because of Proposed Acquisition

In the company’s statement, Ayondo outlines that it has requested the extension because it has entered into a conditional sale and purchase agreement with Speed Success Group Limited.

Through this agreement, Ayondo will acquire the entire equity interest in Rich Glory International Investment Limited, which specialises in lending for residential mortgages, commercial mortgages and shareholder loans.

“With the entry into the SPA, the Company has satisfied one of the conditions as stipulated by the SGXST in the earlier waiver as announced on 29 May 2020. In order to work towards completion of the Proposed Acquisition, the Company has applied for the Waiver to submit the Resumption Proposal to the SGX-ST,” Ayondo said in its statement today.