“Our plan in the very beginning was to list in Malaysia,” Yong tells The Edge Singapore. With its home base in Malaysia, the world’s second-largest producer of palm oil, Oiltek had every reason to be part of Bursa, he says. SGX ultimately became its listing destination as Singapore’s status as an international business hub resonated with Oiltek’s global reach.
Catalist-quoted Oiltek International (SGX:HQU
) seems to be checking all the right boxes lately. So far this year, it has announced a two-for-one bonus issue, proposed moving to the mainboard of the Singapore Exchange (SGX:S68) (SGX), and found a business partner that can help it generate a stream of recurring income for the long haul.
Little wonder most shareholders are in no rush to cash out even after the stock’s nearly fivefold increase in 2024. Getting to where it is now, however, took a little longer than expected. The journey even prompted Oiltek CEO Henry Yong, the company’s second-largest shareholder, to question its listing on SGX.
