CNMC Goldmine proposes transfer to SGX mainboard
[SINGAPORE] Catalist-listed gold producer CNMC Goldmine is seeking a transfer of its listing to the mainboard of the Singapore Exchange (SGX) to raise its corporate image and gain access to a wider investor base.
In a bourse filing on Thursday (May 14), the group said it has submitted an application for this to Singapore Exchange Securities Trading (SGX-ST).
The company’s board believes a mainboard listing will accord the company greater visibility and recognition in capital markets, potentially leading to better liquidity and improved share performance.
CNMC said that public investors tend to place a bigger premium on SGX mainboard-listed companies than those on the Catalist board.
The group noted that a move would give it access to a larger and more diverse investor base, including institutional investors whose mandates may be restricted to mainboard-listed companies.
The board added that mainboard-listed companies generally benefit from “broader and more consistent analyst coverage”, which can improve market transparency and support a more accurate valuation of its shares.
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It may also enhance the company’s ability to attract and retain experienced senior management and specialised technical personnel, the group said.
The bourse filing read: “In view of the group’s growth in production scale, profitability and resource base, the proposed transfer is appropriate and timely, and would better reflect the company’s current stage of development.”
Net profit attributable to owners of the company reached US$42 million in FY2025, up from US$9.8 million in FY2024 and US$4.1 million in FY2023.
The proposed transfer is subject to several conditions. It needs, for example, in-principle approval from SGX-ST, and has to satisfy the relevant listing requirements; the approval of shareholders in a special resolution at an extraordinary general meeting is also needed.
The board cautioned shareholders that there is no certainty or assurance that the transfer will eventually happen.
Shares of CNMC Goldmine ended at S$1.35 on Thursday before the announcement, S$0.07 or 4.9 per cent lower.
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