Published: Wednesday, 08 October 2014

The Board of Directors of Grand Banks Yachts Limited (the Company) refers to its announcement from November 2013, which stated that the Singapore Exchange Securities Trading Limited (SGX-ST) would assess the Company's compliance with Rule 1314 of the Listing Manual after the Company announced its results for the financial year ending June 30, 2014 (FY2014).

Following the release of the audited results of the Company for FY2014 in September 2014, the Company submitted a Removal Application to the SGX-ST for its removal from the watch list of the SGX-ST.

Grand Banks Yachts Sgx Watch List Removal Announcement

The Board of Directors of the Company announced that it has received a letter dated Oct 7, 2014 from the SGX-ST stating that the SGX-ST has approved in-principle the Removal Application of the Company. The Company will be removed from the watch list with effect from Oct 9, 2014.

Companies are put on SGX's watch list if they post three straight years of pre-tax losses and have an average daily market capitalisation of less than S$40 million over the last 120 days that the stock has been trading.

Grand Banks recorded its first full-year profit of S$1 million for FY2014 and a market capitalisation of over S$40 million for the last 120 trading days.