ENGINEERING and agriculture company Advanced Holdings is looking to transfer its listing from the Singapore Exchange's (SGX) mainboard to the Catalist board.

Its directors believe the group's current business, market capitalisation of about S$11.1 million, and risk profile better resemble those of Catalist-listed companies, which typically target "more inorganic growth".

The proposed move will also provide the company with a more suitable platform to implement its strategic objectives, the company said in an exchange filing on Friday evening.

Advanced is principally involved in providing engineering services and equipment, though it also ventured into the agriculture business in 2019, focusing on oil palm development, after acquiring 12.25 per cent of Agricore Global.

The group has been exploring possibilities to streamline its existing businesses by divesting non-performing units, while looking for new areas of growth and partnerships in the agricultural arm to diversify its income streams.

The Agricore group has been actively seeking funding options to develop the oil palm business, which requires significant financing, Advanced said. Such options may include the potential sale of commercial land parcels that it owns and/or has obtained the rights to develop in Sulawesi Island in Indonesia.

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Advanced has also entered into a joint venture for corn cultivation, corn accumulation and trading, and corn processing in Indonesia, with strategic partners Agrimark and Borneo Pasifik Global, as announced in its March and May filings.

Moreover, any other potential acquisitions, divestments and/or mergers may involve the issuance of Advanced shares to potential strategic partners and/or investors, the company said.

"Due to the time-sensitive nature of fund raisings, acquisitions, divestments and/or mergers that the company may explore in the coming years", Advanced expects it will need more flexibility in managing such corporation actions, such as the ability to complete transactions in a shorter time frame.

This will in turn facilitate a smoother implementation of its business plans, it noted.

Advanced intends to submit an application to SGX in relation to the proposed transfer of listing.

The transfer is subject to the bourse operator's in-principle approval and shareholders' approval at an extraordinary general meeting to be convened, among other things.

The company has appointed UOB Kay Hian as its proposed continuing sponsor.

Advanced Holdings' stock finished flat at 10.7 Singapore cents on Friday, on a volume of 11,400 shares.