Jaya Holdings, which builds, manages and charters ships, said it will convene a board meeting for the proposed voluntary liquidation of the firm.
Jaya Holdings said it had submitted a proposal in relation to the proposed liquidation to the SGX-ST on October 25 and will be convening an extraordinary general meeting for the approval and the appointment of a
As at June 30, 2017, Jaya had net cash of S$1.51 million.
The company came to this proposal after the SGX deemed that it was a cash company with no underlying business.
Jaya Holdings added that there "no other feasible exit strategy" immediately available to the company, which is in a net cash position.
Jaya, previously an offshore shipyard owner, became a cash company after it sold its businesses for S$625 million in 2014 to Mermaid Marine Australia.
Shares in Jaya Holdings were unchanged at S$0.03 on the Singapore Exchange. Trading of Jaya's shares will continue until 5.05pm, November 1, after which trading will remain suspended until completion of the delisting.