Hot stock: Rex International up 6.2% on proposed transfer to SGX mainboard

SHARES of Rex International 5WH were actively traded in the morning trading session on Tuesday (Oct 19), after the company announced that it was looking to transfer its listing from the Singapore Exchange's (SGX) Catalist board to the mainboard.

The counter reached a high of S$0.345 as at 10.08 am, up S$0.02 or 6.2 per cent, and saw 36 million shares changing hands.

No married deals were recorded, according to ShareInvestor data.

As at the midday break, shares of the oil exploration and production company were still trading at S$0.345. It remained one of the top traded stocks by volume, with 51.7 million shares changing hands.

In a bourse filing on Tuesday, Catalist-listed Rex International noted that its market capitalisation is now above S$300 million, and expects a listing on the mainboard would enhance the long-term value for shareholders of the company.

Additionally, the company said it has adopted a dividend policy for its FY2021 results, and recommendations for the dividend will be tabled for shareholders' approval at the company's 2022 annual general meeting.

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