The manufacturing service provider has not made an application to the authorities as talks are ongoing
GRAND Venture Technology has confirmed that it is in discussions for a secondary listing on the main market of Bursa Malaysia.
On Thursday (Sep 12), the manufacturing service provider said it is still discussing the details and structure of the proposed secondary listing, and no application has been made with the authorities.
Its announcement came after Bloomberg reported on Wednesday that the company is working with advisers for a listing by introduction as soon as 2025.
Sources speaking to the news agency pointed out that Grand Venture is aiming for a higher valuation by listing in Kuala Lumpur, where initial public offerings have been on the rise this year.
This comes as its shares dropped about 7 per cent in Singapore over the last year, and about 60 per cent lower compared with their peak three years ago. As a result, the company’s market value stands at about S$188 million, said the sources.
Grand Venture said it will make the necessary announcements as and when there are material developments related to the proposed secondary listing.
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Founded in 2012, the company manufactures sheet metal components and modules for various industries such as semiconductor, life sciences and aerospace. It has operations in Singapore, Malaysia and China.
For the first-half ended Jun 30, Grand Venture’s net profit amounted to S$4.3 million, up 26.6 per cent from S$3.4 million in the previous corresponding period.
Revenue rose 26.8 per cent on the year to S$68.3 million from S$53.9 million. This comes as the company recorded higher sales from its semiconductor segment, which accounted for half of its top-line growth, as well as contributions from ACP Metal Finishing which it recently acquired.
Shares of Grand Venture were trading flat at S$0.555 as at 9.23 am on Thursday.
