-- Addvalue Technologies (SGX:A31) filed an application to the SGX-ST for a proposed spin-off for the listing of its Inter-Satellite Data Relay System business on the Nasdaq Stock Market, according to a Monday filing with the Singapore Exchange.
Addvalue Solutions undertakes the business, which involves all communication and commercial activities, involving the IDRS technologies 1 and consisting of the supply of IDRS terminals and/or the provision of services.
The SGX informed the company that the spin-off does not amount to a chain listing and is subject to listing requirements and guidelines.
Shares of the satellite-based communication surged nearly 28% in Monday trading.