SINGAPORE (June 27): Matex International, the chemical company which produces dyes for the textile industry, says it has obtained the approval in-principle from the Singapore Exchange in relation to the proposed transfer of its listing from the Mainboard to Catalist.

The approval in-principle is subject to compliance with the listing requirements of the Singapore Exchange, the immediate announcement via SGXNET of the proposed transfer and the approval of shareholders obtained at the extraordinary general meeting (EGM) for the proposed transfer.

The board plans to to appoint CIMB Bank Berhad, Singapore branch, as the company’s continuing sponsor, subject to the proposed transfer taking effect.

“The Approval In-Principle granted by the SGX-ST is not to be taken as an indication of the merits of the Proposed Transfer, the Company, its subsidiaries or its securities,” says Matex in is filing to the SGX.

Matex will make further announcements in relation to the proposed transfer via SGXNET after the approval of shareholders has been obtained for the proposed transfer at the EGM.

Matex shares last traded at 2 cents.