Grand Venture Technology (GVT) has confirmed that it is in discussions for a potential secondary listing of its shares on the Main Market of Bursa Malaysia.
In a pre-market filing on Sept 12, the company says it is still planning the details and structure of the proposed secondary listing, further clarifying that no application has been made to the relevant authorities.
GVT says it will make the necessary announcements as and when there are material developments.
On Sept 11, Bloomberg reported that GVT is eyeing for the listing to be as soon as 2025, citing sources familiar with the matter. It is considering a listing by introduction, which means it would not be raising funds.
The report said GVT is aiming for a higher valuation by listing in Kuala Lumpur, where IPOs have been on the rise this year.
Bursa Malaysia has had 34 IPOs year-to-date and believes that it can reach its 2024 goal of 42 new listings.
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Shares in GVT closed 0.5 cents lower, or 0.9% down, on Sept 11 at 55.5 cents.
