Koh Brothers Eco Engineering set for SGX mainboard move on Oct 29
The engineering company says all transfer conditions have been met, with mainboard trading scheduled to begin at 9 am.
Koh Brothers Eco Engineering will move its listing to the Singapore Exchange (SGX) mainboard from Catalist on Oct 29, according to its Oct 22 bourse filing. Its shares will begin mainboard trading at 9 am.
The engineering solutions provider said it had met every condition associated with SGX’s June 30 approval-in-principle. Shareholders backed the move at an extraordinary general meeting held on Aug 18, following the company’s May 27 application.
Listed on Catalist since Feb 27, 2006, the company previously said the mainboard would better suit its development stage and growth prospects. It also said the transfer could increase its visibility to investors locally and overseas, improve liquidity in its shares, widen its investor base and create more fundraising opportunities.
The switch will end RHT Capital’s role as sponsor. SAC Capital will become the company’s compliance adviser.
The move follows the company’s Aug 18 disclosure of three major legal disputes carrying potential liabilities of nearly S$57.6 million. These include arbitration counterclaims involving a joint venture, with potential liabilities of S$20.5 million, and a consortium arbitration for S$23.3 million concerning alleged unpaid capital contributions.
A former subcontractor is also seeking up to S$13.8 million, alleging wrongful termination and conspiracy. The company has previously said the disputes do not create significant doubt about its ability to continue as a going concern.
The shares ended Oct 22 at S$0.066, a decline of S$0.003, or 4.4 per cent. Construction and property group Koh Brothers owns a 54.8 per cent stake in the company.
