Mechanical and engineering firm Ever Glory United Holdings has applied to transfer its Catalist listing to the Mainboard, in a bid to reach out to a larger investor base with more opportunities to raise funds and make more acquisitions, among other reasons.
The intention to move to the Mainbard was disclosed by CEO Xu Ruibing in an interview with The Edge Singapore in August, who noted that the $150 million market cap requirement has been met.
Based on Oct 14 closing price of 69 cents, the company is valued by the market at $260 million.
Since it was listed in May 2023, Ever Glory has completed two acquisitions: Fire-Guard Engineering and Guthrie Engineering (S).
Ever Glory says it has shown consistent earnings growth, reaching $8.96 million for FY2024 versus $1.77 million in FY2022.
"Given the company’s market position and stage of growth, the directors are of the opinion that the proposed transfer is timely and appropriate," the company says.
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The transfer is subject to approval by shareholders and SGX, among other conditions.
