Seatrium gets SGX nod for 20-to-1 share consolidation

SEATRIUM has received in-principle approval from the Singapore Exchange (SGX) regarding its proposed 20-for-1 share consolidation exercise.

This concerns the listing of and quotation for up to 3.4 billion consolidated shares on the mainboard, said the company on Wednesday (Mar 13).

The exercise was proposed in February to “increase market interest and attractiveness in its listed shares”, said Seatrium’s chief executive Chris Ong then, who noted that many potential shareholders were unable to participate in the share trading because of its penny-stock status.

The approval by SGX is subject to, among other things, shareholders’ approval at the company’s upcoming annual general meeting in April.

Shares of Seatrium closed on Tuesday 1.1 per cent or S$0.001 higher at S$0.092.