Rex International gets in-principle go-ahead to move to SGX mainboard

OIL exploration and production company Rex International 5WH on Wednesday (Jan 26) said it has received in-principle approval from the Singapore Exchange Securities Trading (SGX-ST) to transfer its listing from the Catalist board to the mainboard.

The company will be seeking the approval of shareholders at an extraordinary general meeting (EGM) to be convened. The transfer is also dependent on the company's compliance with applicable listing requirements.

A circular containing the details of the proposed transfer and the notice of EGM will be made available to shareholders on the bourse and company's website, said Rex International.

The company's board of directors believes that a listing on the mainboard will enhance the long-term value for shareholders, as it will provide the company with a broader platform to reach out to a larger investor base, which could then potentially facilitate greater access to equity and debt markets to maximise the group's growth potential.

The transfer will also promote the group's corporate and business development profile and provide the company with greater visibility and recognition in the capital markets and among public investors.

Other benefits cited by the company include more research coverage, as well as enhancements to the group's branding and sustainability for talent attraction and acquisition.

Shares of Rex International closed on Wednesday at S$0.32, up 3.2 per cent or S$0.01.