5 days ago
Controlling shareholders of Alpina Holdings in talks over potential share sale
SINGAPORE – Alpina Holdings has announced that its controlling shareholders are engaged in preliminary and confidential discussions regarding a possible transaction involving the company's shares.
The talks are ongoing and remain at an early stage, the building and systems services provider said in a June 3 exchange filing after the market closed.
It added that there is currently no certainty that these discussions will lead to any agreement or that a transaction will ultimately materialise.
Alpina's chairman and chief executive Low Siong Yong is its largest shareholder, with a 43.96 per cent stake as at March. Its executive director Tai Yoon On holds another 35.97 per cent.
The company had listed on the Catalist board of the Singapore Exchange (SGX) three years ago.
Its shares are down by almost 20 per cent since it listed at 31 cents on Jan 18, 2022. They closed on June 3 at 25 cents, before the announcement.
Alpina is the second company to announce that it is discussing a possible share sale this week.
Precision manufacturing firm Grand Venture Technology (GVT) announced similar talks on June 1 and said it will be putting its plans to carry out a secondary listing on Bursa Malaysia on hold while it evaluates its options.
Shares of GVT jumped by more than 10 per cent to 92 cents when the market opened on June 2. They closed on June 3 at 92.5 cents.
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