Surface Mount Technology (Holdings) said it intends to appoint a placement agent to restore its free float to meet the prescribed minimum in order for its shares to continue being traded on the Singapore Exchange.

Earlier this month, it disclosed that only 6.3 per cent of its share capital is held in public hands.

Under the listing manual, an issuer must ensure that at least 10 per cent of the total number of issued shares must be held by the public.

Surface Mount said the placement agent will assist it with identifying potential third-party investors and placing new shares to them to restore the free float.

It aims to complete this exercise by Oct 2.