It had announced that it was pausing the proposed secondary listing of its shares on the Bursa Malaysia Securities Berhad
[SINGAPORE] Grand Venture Technology (GVT) shares soared on Monday (Jun 2) morning after the company said it would pause its proposed secondary listing in Malaysia amid a potential transaction that could lead to an offer for its shares.
On Monday morning, the counter was trading at S$0.94 as at 9 am, 11.9 per cent or S$0.10 higher than its latest closing price of S$0.84 on Friday as 550,300 shares changed hands.
As at 10 am, GVT shares had eased down to S$0.93, still up 10.7 per cent or S$0.09, with 2.9 million shares having been transacted.
On Sunday, GVT announced that it was pausing the proposed secondary listing of its shares on the Bursa Malaysia Securities Berhad as it had entered confidential discussions with a third party over a possible transaction which could lead to an offer of its shares.
“The discussions are ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of such discussions,” the group said on Sunday.
It added that it would make necessary announcements in the event of material developments and urged shareholders or potential investors to exercise caution when dealing in its shares.
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None of the directors or substantial holders of GVT or their associates have interest in the matter, save for their interests arising by way of their shareholding and/ or directorships in the company, GVT said.
In January, the group announced its tie up with the Agency for Science, Technology and Research (A*Star) to collaborate on developing a customised manufacturing platform for advanced ceramics.
The strategic partnership with A*Star would strengthen GVT’s competitive edge and allow it to capture opportunities in high-growth industries, the manufacturing service provider said then.
The tie up comes as the group’s semiconductor business is set for growth amid rising demand for artificial intelligence and emerging technology.
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