SINGAPORE (May 3): DeClout says subsidiary Procurri has received a conditional eligibility-to-list ETL in relation to existing and new shares to its initial public offering, to the official list of the Mainboard of the Singapore Exchange.

Procurri is 69%-owned by DeClout and trades enterprise IT equipment.

It was in October last year that DeClout first announced its plan to spin off the subsidiary.

On April 6, research house NRA Capital initiated coverage on DeClout with an “overweight” call and price target of 34 cents, on a potential “windfall” from the planned separate listing.

NRA estimated Procurri to have a market value of around $150 million.

DeClout last closed at 20 cents.