Technics to transfer listing status to Insonotech

TECHNICS Oil and Gas (O&G) has agreed to transfer its listing status on the Singapore Exchange to privately-owned Insonotech.

The consideration for the transfer of the listing status is S$5 million. Insonotech will satisfy this consideration by issuing new shares that will be distributed to creditors and shareholders via Technics O&G's judicial managers from Deloitte & Touche.

Insonotech offers platforms for incubating and distributing audio, multimedia-focused technologies and products.

The transfer will result in the delisting of Technics O&G from SGX mainboard and the listing and admission of Insonotech on to the Catalist.

Technics O&G is seeking to effect the transfer through a scheme of arrangement.

The proposed transfer is subject to approvals by the Singapore-listed company's shareholders and creditors.

The listed counter, which entered into trading suspension in June 2016, also added that it is seeking extra time beyond May 31, 2018 to submit a proposal for trading resumption on the SGX.