SINGAPORE (THE BUSINESS TIMES) - Fabricated metal products manufacturer Grand Venture Technologies is intending to transfer its listing to the mainboard of the Singapore Exchange (SGX), from its current listing on the Catalist board.
As part of the proposed transfer, Grand Venture is also exploring undertaking a placement of new ordinary shares in its share capital to increase its trading liquidity, public float and shareholder count.
In a bourse filing on Wednesday (Sept 1), the company said the transfer would promote its corporate and business development profile and "enhance the image and profile of the company both locally and internationally".
The transfer would also expose the company to a larger investor base to give it greater access to equity and debt capital, and provide it with "greater visibility and recognition in the capital markets and amongst public investors", it added.
The proposed transfer is subject to Grand Venture's receipt of an in-principle approval from SGX, the company meeting all the relevant listing requirements and shareholders' approval.
Additionally, the company also said it would be transferring shares held by controlling shareholder Metalbank Singapore to its individual shareholders, after it was "informed that the individual shareholders of Metalbank have expressed an intention to hold their shares in (Grand Venture) directly".
Metalbank, which currently holds 95 million ordinary shares representing 31.1 per cent of the share capital, will likely cease to be a shareholder after the transfer, Grand Venture said. The transfer to the individual shareholders will be made "in proportion to their respective shareholdings in Metalbank".
Shares of Grand Venture were trading at $1.25 as at 3.34pm on Wednesday, up two cents or 1.6 per cent.