KUALA LUMPUR (Dec 1): Nova MSC Bhd (KL:NOVAMSC) said on Monday that it is proposing the listing of its 60%-owned subsidiary Dex-lab Pte Ltd on the Catalist Board of the Singapore Exchange Securities Trading Ltd (SGX).

In a filing with Bursa Malaysia, Nova MSC said the proposed listing is part of Dex-lab’s strategy to scale its humanoid robotics and eldercare technology business across Singapore, Hong Kong, Australia and other Asia-Pacific markets.

The software services provider said the proposed listing supports expansion into new markets and enables Dex-lab to accelerate research and development investment, scale manufacturing capability and strengthen partnerships with healthcare providers.

The remaining 40% stake in Dex-lab is held by its chairman Loh Guan Huat Sunny.

Singapore-based Evolve Capital Advisory Private Limited has been appointed as the sponsor for the proposed Catalist listing.

Nova MSC’s plan is subject to the completion of financial, legal and operational due diligence; compliance with SGX Catalist requirements; approvals from SGX and other regulators; shareholder approval where required; and favourable market conditions.

Further details on the listing structure, use of proceeds and financial impact on the group will be announced in due course, it added.

Shares of Nova MSC closed up one sen or 22.22% at 5.5 sen on Monday, giving it a market capitalisation of RM106.59 million.