Ever Glory United to move to SGX mainboard on Dec 29; public offer 7.6 times subscribed

[SINGAPORE] Catalist-listed engineering services provider Ever Glory United will transfer to the mainboard of the Singapore Exchange (SGX) on Dec 29.

Trading in its shares on the mainboard will commence at 9 am that day, the company said in a bourse filing on Monday (Dec 22).

This comes after the proposed listing transfer received shareholder approval at an extraordinary general meeting held on Monday, with around 99.8 per cent of the votes cast in favour of the resolution.

Ever Glory United added that Novus Corporate Finance will cease to be its sponsor once the transfer is effected.

The company on Dec 10 announced a public offer of up to two million new shares priced at S$0.64 apiece as part of its proposed transfer to the mainboard. The aim was to fulfil SGX’s requirement to have at least 500 shareholders, in accordance with Rule 213 of the Listing Manual.

The public offer opened on Dec 11 and closed on Dec 17, and received applications for around 15.3 million shares. It was 7.6 times subscribed, with application monies received amounting to around S$9.8 million, the company said on Dec 18.

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Ever Glory to offer 2 million new shares at S$0.64 each ahead of proposed transfer to mainboard

Ever Glory United announced its intention to be transferred to the mainboard on Oct 14 and received SGX’s in-principle approval on Nov 22.

The counter closed Monday 1.4 per cent or S$0.01 higher at S$0.73, before the news.