Grand Venture gains on pause of Bursa listing, ongoing share offer talks
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SGX-listed Grand Venture Technology has entered into confidential discussions with a third party over a potential deal that could involve an offer for its shares.
PHOTO: THE BUSINESS TIMES
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SINGAPORE - Shares of Grand Venture Technology (GVT) jumped by more than 10 per cent to 92 cents when the market opened on June 2, after the company disclosed it is in confidential talks with a third party over a potential deal that may involve an offer for its shares.
The discussions are ongoing and may not necessarily lead to a transaction, the precision engineering firm said in a Singapore Exchange filing on June 1.
In the light of these developments, the company is putting its proposed secondary listing on Bursa Malaysia Securities on hold while it evaluates options with its advisers.
GVT provides precision manufacturing solutions for the semiconductor, analytical life sciences, electronics, aerospace and medical industries, with operations in Singapore, Malaysia and China.
The company first announced plans for a secondary listing on Bursa Malaysia, where it is aiming for higher stock price valuations, in September 2024.
It received approval from the Securities Commission Malaysia for the proposed listing in March. The listing still requires clearance and approval from Bursa Malaysia for the admission of its shares to the main market of the Malaysia bourse.
GVT is the second Singapore-listed precision engineering business to seek a secondary listing in Malaysia.
In March, UMS Integration received approval to list on Bursa Malaysia.
UMS said in a March 26 filing that a secondary listing in Malaysia would broaden its reach and widen its investor base, potentially improving the group’s share liquidity.
It would also give it access to another equity market for future fund-raising in support of the group’s growth in the coming years.
