Choo Chiang Holdings has received approval-in-principle from SGX to move its listing to the mainboard from the Catalist. The company first announced plans to move the listing on March 19. It will next call for an EGM at a date to be determined for shareholders to give their go ahead.
The company was listed back in July 2015.
"The board is of the view that a listing on the Mainboard would be in line with the group’s long-term strategy and a listing on the Mainboard would enhance the long-term value for shareholders of the company," reads the company's announcement on March 19.
Choo Chiang, headed by executive chairman Thomas Lim and executive director Rocky Lim, distributes electrical products and accessories.
In the last four financial years, Choo Chiang's earnings ranged from $9.02 million in its FY2022 to $11.8 million in FY2024 before easing to $9.52 million in the most recent FY2025.
The company says it has maintained "healthy" gross margins as well, an indication of its resilient core distribution business, plus recurring rental income.
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"Given the company’s market position, stage of development and financial stability, the directors are of the view that the proposed listing transfer is timely and appropriate," the company said on March 19.
In a separate but similar announcement, Aspial Lifestyle says it has received the approval-in-principle from SGX too to move its listing to the Mainboard.
Choo Chiang Holdings shares closed at 44 cents on March 30, valuing it at some $90 million.
Aspial Lifestyles shares closed at 31 cents on March 30, up 1.67%, valuing the company at $566.2 million.
