Letter to Nico Steel Holding Limited regarding delisting of Nico Steel Holding Limited

Date: June 29, 2023

Chairman & Members of Board
Nico Steel Holdings Limited

Dear Chairman,

Re: Delisting of Nico Steel Holding Limited

SIAS has been approached by some concerned shareholders on the delisting of Nico Steel Holding Limited (Nico Steel) without an exit offer. About 1,400 shareholders will be negatively affected and on behalf of the shareholders, SIAS has raised questions on the annual report and sent it to Nico Steel on 23rd June 2023, but has yet to receive a reply. Please see attached, the questions again and SIAS and your shareholders hope that Board and the Management will address these questions during the EGM and subsequently publish their responses on SGXNet for the benefit of all shareholders. Shareholders have the right to ask and understand the actions taken by the Board and the Company regarding the provision of an exit offer. It is crucial to know why such measures were not pursued, leading to the proposed delisting without an exit offer.


David Gerald
President and CEO

Click here to view SIAS questions to Nico Steel