DSG announces application for moratorium, application to be placed under judicial management in Malaysia and request trading suspension of shares

DSG announces application for moratorium, application to be placed under judicial management in Malaysia and request trading suspension of shares

20th Jan 2020

Depa PLC (“Depa”), the leading global interior solutions group, reports that on 20 January 2020, Design Studio Group Ltd (the “Company”, and together with its subsidiaries, “DSG”), Depa’s Asian key business unit,made the following announcements:

  1. Application for moratorium pursuant to section 211B of the Companies Act (Cap. 50) of Singapore (“Singapore Application”);
  2. Application by subsidiaries of the company to be placed under judicial management in Malaysia (“Malaysia Applications”); and
  3. Request for trading suspension of shares

Singapore Application

The Company together with five (5) of its Singapore-incorporated subsidiaries (together, the “Singapore Applicants”) have on 20 January 2020, made an application to the High Court of the Republic of Singapore to commence a court-supervised process to reorganise their liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors against the Singapore Applicants.

Malaysia Application

Three (3) of the Company’s wholly-owned Malaysia‑incorporated subsidiaries have on 20 January 2020 made applications to the High Court of Malaya at Johor Bahru and the High Court of Malaya at Shah Alam to be placed under judicial management of a judicial manager.

Request for trading suspension of shares

The Company requested for a voluntary trading suspension of its shares listed on the SGX-ST in order to protect the interests of each stakeholder group, and to avoid a situation where trading in such shares may occur in the absence of complete information during the ongoing restructuring process. The Company intends to request for a lifting of the trading suspension as soon as it is appropriate to do so without compromising the interests of any stakeholder group.

DSG’s disclosure can be viewed by investors on DSG’s website and/or on SGXNET.

For further information, please contact:

Depa PLC
Tel: + 971 4 821 6666

Kevin Lewis, Group Chief Executive Officer
Steven Salo, Group Chief Financial Officer

For more information, please refer to the corporate website: www.depa.com

Notes to editors:

Depa is a strategic management company specialising in global interior solutions. Depa’s four key business units hold leading positions in their respective markets: DSG, Vedder, Depa Interiors and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.

Depa’s mission, shared by each of its key business units, is to deliver sustainability, profitability and performance for its clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.

Depa PLC is listed on the Nasdaq Dubai (DEPA: DU) and is headquartered in Dubai, United Arab Emirates.

Cautionary statement:

This document may contain certain 'forward looking statements' with respect to Depa's financial condition, results of operations and business and certain of Depa's plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events, and depend on circumstances, which may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, whether made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update any such forward looking statements.