Grand Venture Tech says it is in discussions on a ‘possible transaction’ that may result in a potential share offer

“The discussions are ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of such discussions,” says the company in a June 1 announcement.

With this, the company will be pausing its plans for a secondary listing on the Bursa Malaysia. On Sept 12, 2024, GVT confirmed that it was in discussions for a potential secondary listing of its shares on Bursa Malaysia's Main Market. At the time, the company said it was still "still in discussions on the details and structure" of the proposed listing and no application was made.

On April 14, GVT maintained its revenue guidance for its 1HFY2025 ending June results at $90 million to $96 million after the Liberation Day tariffs announced on April 2.

In its statement at the time, GVT said it foresees limited direct exposure to the US with exports to the country accounting for less than 10% of the company's FY2024 revenue. Moreover, most of the company's key customers' end products serves markets in Asia and Europe.

Furthermore, the company has a "favourable Singapore origin advantage" with over 70% of US-bound exports shipped from Singapore. GVT added that there were ongoing discussions with their customers to redirect shipments to their Asia sites.

See also: Singapore’s CDL to sell $2.75 bil office complex to cut debt

GVT's largest shareholder is Novo Tellus, after the investment firm subscribed for more than 71 million shares at 33 cents each back in January 2021.

As indicated in its annual report, as at March 17, Novo Tellus controls 90.5 million shares, equivalent to 26.68% of the company.

Ricky Lee, GVT's executive deputy chairman, is the second largest shareholder with a stake of 15.37%.

Shares in GVT closed 2 cents higher or 2.44% up at 84 cents on May 30.