Ever Glory United Seeks Mainboard Transfer from Catalist

TigerNews SG10-15

Ever Glory United Holdings, a mechanical and engineering company, has submitted an application to move its listing from the Catalist to the Mainboard, aiming to access a broader investor pool and enhance opportunities for capital raising and future acquisitions.

CEO Xu Ruibing previously indicated in August that the company planned to pursue this transfer, confirming that the mandatory $150 million market capitalization threshold had been satisfied.

With shares closing at 69 cents on October 14, Ever Glory United currently holds a market valuation of $260 million.

Following its initial public offering in May 2023, the company has successfully executed two strategic acquisitions, bringing Fire-Guard Engineering and Guthrie Engineering (S) into its portfolio.

The firm has demonstrated robust earnings progression, with profits climbing to $8.96 million in FY2024 compared to $1.77 million recorded in FY2022.

"Considering the company's market standing and current growth trajectory, the board believes the proposed transfer represents both timely and suitable strategic positioning," the company stated.

The listing transfer remains contingent upon receiving approvals from both shareholders and SGX, alongside fulfilling additional regulatory requirements.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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