Innopac announced yesterday that it intends to transfer its listing from the mainboard to the Catalist board of the Singapore Exchange (SGX).
The group said it believes the transfer will provide it with "a more conducive and supportive listing platform", via a Catalist sponsor, to carry out timely corporate actions.
It added the transfer will help it attract investors as the Catalist board will provide a more flexible platform for future fund raising and potential acquisitions and disposals.
It said its board believes that the current size of the company's business and its market capitalisation better resemble that of the companies on the Catalist.
The transfer is subject to the approval of shareholders at an extraordinary general meeting to be convened, and will be subject to the SGX's "in-principle approval".
The company announced that the two conditional sale and purchase agreements it entered into, to purchase 60 per cent of the issued and paid-up share capital of HTwo Education Holdings, is still ongoing.
The company had proposed to acquire the shares from Venstar Investments, Venstar Investments II and Dr Yap Soon Guan for $24 million.
Fortune Real Estate Investment Trust
Fortune Real Estate Investment Trust's listing status on the Singapore Exchange has been changed to a secondary listing from a primary listing as of yesterday, it announced. The Reit has a dual primary listing in Hong Kong.
Ezra Holdings's Subsea Services division has won subsea contracts worth nearly US$70 million (S$98.6 million), including work with a new client in the Middle East.
The work in the Middle East is for a national oil company, and includes the lift of nearly 3,000 metric tonnes of offshore structures. Work is to begin in the second quarter of next year. In Asia, Ezra will be doing the transportation and installation of nearly 10km of pipelines for another national oil company. The project will be run out of Singapore, and will also begin in the second quarter of 2016.