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Addvalue Technologies appoints Hong Leong Finance as sponsor for proposed spin-off, listing of unit
ADDVALUE Technologies has appointed Hong Leong Finance as the full sponsor, issue manager and placement agent for the proposed spin-off and listing of its wholly-owned subsidiary, Addvalue Solutions (AVS), on the Catalist board of the Singapore Exchange.
The spin-off will be via a distribution-in-specie of a portion of the AVS shares currently held by the company to Addvalue's shareholders so as to reward shareholders proportionately with free AVS shares, it said.
Meanwhile, in an update on its inter-satellite data relay system (IDRS) business, Addvalue said that the group entered into an IDRS airtime distribution agreement with Inmarsat in August last year, and has since been approached by other potential customers on the possible adoption of the IDRS services for their respective space missions.
In April this year, the group entered into an agreement with a US-based aerospace company to carry out a feasibility study for the adoption of IDRS in the latter's upcoming space mission for commercial purposes. That same month, the group also inked its first major commercial IDRS contract with a global satellite service provider for the design and supply of extra high value IDRS terminals to be installed on the customer's multi-LEO satellite constellation.