ES Group Granted Waiver by SGX-ST, Proposes Disposal of Loss-Making Vessel ES Jewel

NewTimeSpace News: April 14, 2026,ES Group (Holdings) Limited announced that it had previously submitted an application through its sponsor to the Singapore Exchange Regulation seeking a waiver from compliance with Rule 1014(2) of the Catalist Rules on the requirement to obtain Shareholders' approval for the proposed disposal of its vessel, ES Jewel. On 13 April 2026, the Company received a letter of no objection from the SGX-ST.

According to the announcement, the main reasons for seeking the waiver include: ES Jewel is loss-making and is expected to continue to incur significant repair and maintenance costs and holding costs; the disposal would strengthen the Company's financial position and provide additional working capital; and the disposal is time-sensitive, as seeking Shareholders' approval could delay the transaction window. As at the date of the waiver application, undertaking Shareholders holding an aggregate of approximately 74.09% of the Company's interests had confirmed that they would vote in favour of the proposed disposal.

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