Catalist-listed Ever Glory United proposes transfer to SGX mainboard

This is in line with its long-term strategy, says the engineering services provider

Engineering services provider Ever Glory United Holdings is looking to transfer its listing to the mainboard of the Singapore Exchange (SGX), from its current listing on the Catalist board.

Listing on the mainboard is in line with the company’s long-term strategy and would enhance the long-term value for shareholders, it said in a bourse filing on Tuesday (Oct 14).

The company expects a mainboard listing will provide it with a wider platform to reach out to a larger investor base for future fundraising and corporate actions.

It would also enhance the company’s corporate image and business development profile locally and internationally, and open opportunities to work with new partners in its day-to-day business, it added.

Since its listing in May 2023, the company said it has shown consistent growth in its net profit, and has acquired two mechanical and electrical engineering companies.

The proposed transfer is subject to the company receiving an in-principle approval from SGX, meeting all the relevant listing requirements, and getting shareholders’ approval.

Shares of Ever Glory United closed 0.7 per cent or S$0.005 higher at S$0.685 on Tuesday, before the announcement.