Shares in Oiltek Internationalwill begin trading on the Mainboard of the Singapore ExchangeSecurities Trading Limited (SGX-ST) at 9am on June 6.
This comes after the SGX-ST gave the company, a subsidiary of Koh Brothers Eco Engineering, its approval in-principle on April 1.
SAC Capital will cease to be Oiltek’s sponsor once the latter transfers from the Catalist board to the Mainboard.
On Feb 17, Oiltek announced that it intended to transfer its shares to the Mainboard as a listing would “enhance the long-term value” for its shareholders.
The company was first listed on the Catalist board since March 3, 2022, and has grown substantially and expanded its global footprint since. Oiltek has also designed, built and commercialised plants in more than 35 countries across five continents.
Oiltek’s earnings have also grown consistently from RM9.7 million ($2.9 million) in FY2021 ended Dec 31, 2021, to RM29.6 million for FY2024.
See also: Oiltek International receives approval in-principle for transfer onto SGX mainboard
“Listing on the Mainboard would enhance the image of the company both locally and overseas, with public investors tending to accord a premium to Mainboard-listed companies as compared to companies listed on the Catalist,” said Oiltek in its February statement.
The company added that a Mainboard listing would give it a “wider platform and greater opportunities for future fund raising” as well as provide it with access to a “larger and more diverse investor market, including institutional and overseas investors”.
Shares in Oiltek closed 1.5 cents lower or 2.7% down at 54 cents on May 30.
