Medtecs International says it intends to make an application to transfer its listing from the Catalist to the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on Nov 16.
The proposed transfer, according to the company, would better place the company to attract institutional investors and reach out to a wider investor base in Singapore and overseas.
The company also believes the transfer to the Mainboard would “enhance its image” and provide it with “greater visibility and recognition in the market”, which is “particularly critical in this Covid-19 pandemic situation”.
The proposed transfer is subject to the in-principle approval of the SGX-ST, the company meeting the minimum requirements according to Mainboard Rule 210 where the company has to have a minimum consolidated pre-tax profit of at least $30 million for the latest financial year, and the approval of its shareholders, to be obtained at the next extraordinary general meeting (EGM).
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On the same day, Medtecs announced its inclusion in the MSCI Singapore Small Cap Index with effect from Nov 30, after the close of market trading.
The Index is designed to measure the performance of the small cap segment in the Singapore market. It has 57 constituents as at Oct 30, and it represents some 14% of the free float-adjusted market capitalisation of the Singapore equity universe.
“The inclusion serves as a strong affirmation of our market leading position, and will bring about higher trading liquidity and visibility to investors globally,” says William Yang, executive director and CEO of Medtecs.
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“Backed by our diversified regional production facilities and worldwide distribution capabilities, Medtecs is well-positioned to ride on the paradigm shift in global PPE as we capitalise on our niche positioning of global PPE manufacturing with our own Medtecs-branded products,” Yang adds.
Shares in Medtecs closed 11 cents higher or 14.2% up at 88.5 cents on Nov 13.
