SINGAPORE (THE BUSINESS TIMES) – Oil exploration and production company Rex International is looking to transfer its listing from the Singapore Exchange’s (SGX) Catalist board to the mainboard.
In a bourse filing on Tuesday (Oct 19), the company noted that its market capitalisation is now above $300 million, and said a listing on the mainboard would enhance long-term value for shareholders of the company.
This includes providing the company with a wider platform to reach out to a larger investor base to facilitate greater access to equity and debt markets.
It would also enhance the image and profile of Rex both locally and internationally, by promoting the company’s corporate and business development profile and providing the company with greater visibility and recognition in the capital markets and among public investors.
The company said the listing would facilitate more research coverage and enhance the company’s branding and sustainability for talent attraction and acquisition.
The proposed transfer is subject to Rex’s receipt of an in-principle approval from SGX, with the company meeting all the relevant listing requirements and shareholder approval.
Additionally, the company said it has adopted a dividend policy for its financial year 2021 results, and recommendations for the dividend will be tabled for shareholders’ approval at the company’s 2022 annual general meeting.
Shares of Rex last closed at 32.5 cents on Monday, up 1.5 cents or 4.8 per cent.