Shares of Oiltek up 3.4% after company proposes secondary listing on Malaysian exchange
Oiltek CEO Henry Yong said the proposed secondary listing is at a preliminary stage.
SINGAPORE - Oiltek International announced on July 21 that the group is proposing a secondary listing of its entire issued shares on the main market of Bursa Malaysia Securities.
Oiltek's board said the listing would be beneficial as it will allow the group to broaden its investor reach and base, potentially increase the liquidity of the company's shares and enhance the company's value through separate trading platforms.
It would also enable the group to tap into additional platforms for future fundraising.
The move would provide Oiltek with the flexibility to access different equity markets to raise funds after taking into consideration investors' demand as well as the cost of raising equity funding on the respective stock exchanges.
No application has been made to Securities Commission Malaysia in relation to the proposed listing by Oiltek as of the morning of July 21.
Shares of Oiltek rose strongly on the news, trading up 3.4 per cent, or 2.5 cents, to 75.5 cents as at 2.12pm on July 21.
Henry Yong, chief executive officer of Oiltek, said: 'The board wishes to highlight that the proposed secondary listing is at a preliminary stage and will involve extensive preparatory work, and such preparatory work may involve an uncertain length of time.
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'Further, the proposed secondary listing is subject to, among other things, the approvals of the relevant authorities and there is no assurance that the approval of the relevant authorities will be granted.'
Oiltek first listed on the Catalist board of the Singapore Exchange (SGX) on March 3, 2022, before transferring to the mainboard of the bourse on June 6, 2025. Its market capitalisation stands at around $317.5 million to date.
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