KUALA LUMPUR (March 2): Mi Technovation Bhd (KL:MI) said on Monday it is considering a separate listing of its semiconductor material business on the Singapore Exchange.

The proposed listing is still at a preliminary stage and approvals will be required from relevant authorities in Singapore and Malaysia and from shareholders at an extraordinary general meeting, said the semiconductor equipment and maintenance services provider in a filing with Bursa Malaysia.

Mi Technovation said the proposed listing will enhance efficiency by separating business responsibilities and operations for the company's business units and provide a diverse fundraising platform by tapping Singapore’s equity capital markets.

The subsidiaries in the semiconductor material business unit are involved in the design, manufacturing and sales of solder spheres which are components to electrically interconnect flip chip semiconductors that are widely used in advanced packaging and wafer-level packaging in the industry.

The subsidiaries will continue to remain as subsidiaries of Mi Technovation upon completion of the listing, the company said.

Mi Technovation has appointed Oversea-Chinese Banking Corporation Ltd as the issue manager, global coordinator and bookrunner for the listing in Singapore.

Mi Technovation shares closed down 11 sen at RM2.95, valuing the company at RM2.66 billion.