Oiltek International has received approval in-principle for the transfer of its listing to the mainboard of the Singapore Exchange (SGX), according to a bourse filing on Apr 2.
The in-principle approval is subject to shareholders approval for the proposed transfer, and compliance with the SGX-ST listing requirements.
The Catalist-listed company first applied for the transfer on Feb 17, on the basis that this will enhance long-term value for shareholders of the company.
Oiltek also said that the mainboard transfer will provide it with greater visibility and recognition in capital markets and among public investors, and provide the company with a wider platform and greater opportunities for future fund raising, and give it access to a larger and more diverse investor market.
Shares in Oiltek closed 4 cents higher or 3.571% up at $1.16 on Apr 2.
