THE liquidators of AusGroup have applied for the company to be delisted from the Singapore Exchange (SGX).
The beleaguered oilfield services provider was previously ordered by the Singapore High Court to wind up after it said it was unable to service its debt. The court had also ordered the company to be discharged from judicial management and for the joint and several judicial managers to be released from liability.
Deloitte’s Tan Wei Cheong, Matthew Stuart Becker and Lim Loo Khoon were appointed as AusGroup’s joint and several liquidators.
On Tuesday (Jul 23), the liquidators said the company is insolvent and its debts far exceed its realisable assets.
“There will be no residual assets to be distributed to its shareholders after the liquidation process is completed,” they added.
AusGroup noted that no exit offer from its substantial shareholders has been made. It also said it has no financial means to hold an extraordinary general meeting or to appoint an independent financial adviser to advise on an exit offer.
The group added that it would release further announcements when there are material developments.
Shares of AusGroup have been suspended since Nov 10, 2022, following a trading halt on Nov 7. The stock last traded at S$0.009.
