Nico Steel placed under SGX watchlist as financial condition corrodes

The company is also at risk of being delisted.

On back of a rusty financial condition, metallurgical company Nico Steel Holdings Limited was placed under the watchlist of Singapore Exchange Securities Trading (SGX-ST) on Monday.

Nico Steel said it has to take active steps in restoring its financial health and meet the requirements specified in the Listing Rule. Should the company fail to improve condition, SGX-ST would delist Nico Steel or suspend trading of its shares.

The Listing Rule requires Nico Steel to provide quarterly update on its financial situation, its future direction, or other material development on its position.

The group also said it will continue business as usual and that trading in its securities will go on unless a trading halt or suspension is effected.