United Food Holdings to complete exit offer by March

The company will be delisted from the SGX.

United Food Holdings announced that it will finalise amendments to its exit offer and submit them to the relevant regulators for final review in February.

In a bourse filing, the company stated that it is currently searching for an independent financial adviser (IFA) and expects to appoint one by the end of January to facilitate its exit offer, which is expected to be formally completed by the end of March.

By mid-March, the company will make a formal announcement on the exit offer within the subsequent two weeks, subject to regulatory approval.

United Food Holdings was placed on the SGX watchlist following consecutive losses, and its market capitalisation fell below the regulatory $40m threshold. SGX RegCo has directed the company to be delisted after it failed to address concerns raised by its auditor.

In addition, the company is in the process of appointing a new company secretary to handle the delisting process.

United Food Holdings stated that there is no material impact on its financial position and will update its shareholders in due course regarding the exit offer.