Shareholders of F J Benjamin have voted in favour of the company’s listing from the Mainboard to the Catalist Board, says the company on Feb 25.

The voting took place at the company’s extraordinary general meeting (EGM) on Feb 23.

Shares in the company will begin trading on the Catalist board on March 2.

“We are happy to be out of the SGX’s watchlist and believe that the Catalist listing platform will give us more flexibility and greater cost efficiency to implement our growth strategy moving forward,” says its group CEO Nash Benjamin.

The group, on Feb 4, reported net loss of $3.7 million for the 1HFY2021 ended December, from loss of $161,000 a year ago.

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This was due to lower revenue during the period, due to the lower sales in Singapore and Malaysia during the Covid-19 pandemic.

On Oct 22, 2020, the company announced that it intended to undertake a proposed transfer to the Catalist Board, saying that the transfer will provide the company will a “more suitable platform” for the listing and trading of its shares.

This is due to the Catalist Board being a more “conducive listing platform for companies which require a flexible regulatory system to float their shares”.

Since FY2018, the group has been profitable in the period before the Covid-19 pandemic hit.

Shares in F J Benjamin closed 0.3 cent higher or 15.8% up at 2.2 cents on Feb 25.