MALAYSIA-BASED Duty Free International Limited (DFI) said its shareholders have approved the transfer of its listing from Catalist to the Mainboard of the Singapore Exchange (SGX).
It is expected to start trading on the mainboard on Oct 5.
"The transfer to the mainboard is a corporate milestone in our growth strategy," said group executive director Lee Sze Siang.
"It gives us a platform to build a diverse investor base by giving us access to more institutional investors who are interested in us," he added. "It also further raises our brand recognition and profile as well as allows us to better tap on the capital markets so as to fund our future growth."
Earlier this year, Heinemann Asia Pacific Pte Ltd, a wholly-owned subsidiary of Gebr Heinemann SE & Co KG, purchased a stake of 10 per cent plus one share in DFZ Capital Berhad, a wholly-owned subsidiary of DFI, for 19.7 million euros (S$30 million) in cash, with an option of increasing its stake by another 15 per cent. The transaction values DFZ's duty free business at 197 million euros.
As a strategic investor in the business, the travel retail conglomerate Gebr Heinemann will assist in enhancing DFI's future business in Malaysia and regionally, DFI said.