Addvalue Tech proposes Nasdaq spin-off listing of wholly owned unit

[SINGAPORE] Addvalue Technologies on Monday (Apr 27) said that it submitted an application to the Singapore Exchange proposing a spin-off listing of its wholly owned subsidiary, Addvalue Solutions (AVS), on the Nasdaq stock exchange.

A bourse filing noted that a new entity incorporated as a holding company of AVS will undertake an initial public offering of its shares.

AVS is the unit of Addvalue Tech which deals with the group’s business and commercial activities involving the Inter-Satellite Data Relay System (IDRS). It serves to establish connection between network operators and their space assets.

The group said that it may undertake an “internal restructuring exercise”, where AVS and any other entities engaged in the IDRS business would be transferred or grouped under a newly incorporated investment holding company.

“As at this juncture, it is the intention of the company to hold no less than 51 per cent of the issued and paid-up share capital of the holding company after completion of the IPO,” noted Addvalue Tech.

The proposed spin-off listing is subject to shareholders’ approval.

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Shares of Addvalue Tech closed flat at S$0.118 on Friday.