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

Ayondo, an investment firm based in Zurich, has yet again had 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 the 9th of September 2020 SGX-ST informed the company that it has no objections to the firm’s application to extend its deadline to the 30th of October 2020.

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.

As FortuneZ reported, the trading provider extended its deadline back in February of this year, by three months until April 30, 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 of Speed Success Group Limited.

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