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Civmec commences ASX dual listing plans
MAINBOARD-LISTED Civmec said on Thursday it has appointed PwC Australia to formally evaluate options for a dual listing on the Australian Securities Exchange (ASX).
The Australia-based construction and engineering services provider which also has a presence in Singapore, has been listed on the Singapore Exchange (SGX) since 2012.
PwC Australia has been instructed to formulate corporate advice in relation to Civmec's listing options, including making recommendations to the board on how to maximise existing shareholder value and establish the best basis for a dual listing. It is expected that PwC Australia will provide its report to the board in the second quarter of fiscal 2018.
Civmec's chief executive officer Patrick Tallon said that a dual listing on the ASX is a "complementary option for the firm to consider" as its operations are predominantly based in Australia where its growth prospects lie.
"A dual listing in Singapore and Australia would open up new opportunities in the Australian market, while also building on the excellent support we have received from investors in Singapore," Mr Tallon said.
"In light of increased local interest in the company, we feel this is a positive move for our investors because it offers prospects to significantly broaden Civmec's shareholder base with the knowledge that Australia has a very large pool of funds available for investment," he added.
Civmec requested a trading halt on the Singapore bourse at around 1pm on Thursday before this announcement and has since requested the lifting of the halt.
The counter last traded at S$0.57 apiece on Wednesday.