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Shanghai Turbo Enterprises Records Three Straight Years of Losses; Shares Plummet 14%

MT Newswires ·  05/23/2022 17:12

05:10 AM EDT, 05/23/2022 (MT Newswires) -- Shanghai Turbo Enterprises (SGX:AWM) issued a notice Friday that it has recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

The precision engineering group's six-month average daily market capitalization was SG$5.7 million ($4.1 million) as of May 20, paving the way for the Singapore Exchange to place the company on its watchlist, according to a Friday disclosure.

Firms are placed on the bourse's watchlist if they record losses for the three latest consecutive financial years and have an average daily market cap of under SG$40 million over the last six months.

Shanghai Turbo Enterprises' shares were down nearly 14% in recent trade.

Price (SGD): S$0.16, Change: S$-0.03, Percent Change: -13.51%

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