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BLUMONT Group is considering a transfer from the Mainboard of Singapore Exchange (SGX) to its Catalist board, which will allow the company to skip a share price consolidation exercise to meet the minimum trading price (MTP) required of Mainboard-listed stocks.
Last month, Blumont had proposed a share consolidation to comply with the requirement of an MTP of S$0.20 to remain on the Mainboard. Since this does not apply to Catalist-listed stocks, the company will no longer proceed with the share consolidation, it said.
"The board believes that the proposed transfer will provide the company with a more suitable platform for the listing and trading of its shares and better allow the company to attract investors in the future," it said in a release to SGX on Wednesday.
The company had requested a trading halt of its shares earlier on Wednesday before making the announcement.