Satellite communication firm appoints adviser for potential secondary listing

Satellite communications company Global Invacom Group announced the appointment of British independent stockbroker finnCap on Feb 4, as nominated adviser for a potential secondary listing of its ordinary shares.

The proposed listing is to be on the AIM of the London Stock Exchange (LSE).

The mainboard-listed firm will also consider issuing and placing new shares at the same time, in order to raise additional capital for expansion and other business plans.

Its primary listing will remain in Singapore, said the firm in a statement.

Mr Tony Taylor, executive chairman of Global Invacom, said: "The board believes a secondary listing on AIM would enable the company to access new sources of capital to help meet its international growth strategy, broaden its shareholder base and enhance value for its current Singapore-based shareholders."

The proposed listing and placement will be subject to approval, from the relevant authorities and the company's shareholders.

An extraordinary general meeting will be called, and prevailing general economic and capital market conditions will be considered apart from other conditions.