Advancer Global 43Q has announced the proposed spin-off of its subsidiaries Advancer IFM and Advancer Smart Technology on the Nasdaq stock market.
On Dec 19, the company said in a bourse filing that it had consulted with Singapore Exchange S68 Securities Trading (SGX-ST) and received no objections to its plans.
Advancer IFM is 100% owned by the company through Advancer Global Security and is engaged in general cleaning, pest control and landscape services, while Advancer Smart Technology is currently 85% held by Advancer Global Facility and is focused on data analytics and the wholesale of electronic components.
According to the company, the spin-off will continue to focus on Advancer IFM’s integrated facilities business and expand Advancer Smart Technology’s business in the Internet of Things (IOT) market segment. “The businesses of AIFM and AST are complementary as they can work closely with each other to tender for new contracts,” says Advancer Global.
In connection with the proposed spin-off and listing, which is still in its preliminary stages, Advancer Global’s board has proposed to undertake a restructuring exercise of the group.
Shares in Advancer Global closed unchanged at 11.5 cents on Dec 19.
