ENERGY & OFFSHORE | Staff Reporter, Singapore

Mirach Energy seeks more time to be excluded from SGX financial watch-list

It has streamlined its oil & gas business to improve its profits and market cap.

Mirach Energy is seeking an extension until 5 June 2020 to exit the Singapore Exchange’s financial watch-list following the release of the its full year financial statement, it said in an announcement.

The firm said it is seeking the extension as it has streamlined its existing Oil & Gas business segment and operations, which eliminated losses and financial inefficiencies as well as improved cash flow for the group. “The company has also diversified and expanded into new businesses and has successfully acquired new revenue streams,” it added.

Mirach Energy also undertook three placement exercises to fund general working capital and the new business activities.

It added that it has reported a consolidated pre-tax profit of $1.04m (US$766,000) for the financial year ended 31 December 2018 as compared to a pre-tax loss position of $12.98m (US$9.61m).

The closing share price of the company has since increased from $0.04 as at 31 August 2017 to $0.139 at the time of submission as at 22 February 2019. Its market cap has also increased from approximately $4.76m to approximately $28.22m, which is “close to meeting the $40m market cap requirement.”

“The company intends to explore and pursue business opportunities to further enhance the financial performance and improve shareholders’ value and will as and when required undertake further fund-raising exercises to fund business opportunities when identified which will in turn improve investors’ confidence, thereby improving the company’s share price and its market capitalisation,” Mirach Energy CEO Chan Shut Li commented.

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