Metasurface Technologies Holdings Limited (“Metasurface”) has unveiled plans to issue no fewer than 18.00 million new shares under its existing general mandate as part of preparations for its proposed secondary listing on Catalist of the Singapore Exchange Securities Trading Limited (SGX-ST).

The prospective placing will target a minimum of 200 independent investors at an indicative reference price of S$0.58 per share (approximately HK$3.53, based on an exchange rate of HK$100 to S$16.31). If fully executed, the transaction is expected to raise gross proceeds of at least S$10.40 million in new capital.

The reference price was set after considering prevailing market prices of Metasurface’s shares on the Hong Kong stock market, current HKD/SGD exchange rates, and arm’s-length negotiations with UOB Kay Hian Private Limited.

No binding agreement has been signed to date, and the proposed placing may or may not proceed. Metasurface stated it will issue further announcements in accordance with GEM Listing Rules as developments arise and advised shareholders and investors to exercise caution when dealing in its securities.