Another technology firm based in Singapore is seeking a listing on the Australian Securities Exchange (ASX).StemCell United (SCU), a Singapore-based biotechnology company headquartered in Australia, said on Wednesday (Jul 15) that it has issued a prospectus for a public offering and listing on the ASX with the Australian Securities and Investment Commission.
Following the completion of the public offer, SCU will acquire Singapore-based StemCell United (SUP), a biotechnology company which focuses on the extraction, culture, reproduction, and growth of plant stem cells for medicinal health and beauty applications in Traditional Chinese Medicine (TCM).
SUP currently sources, produces, markets and sells an extract called Daemonorops Draco Blume - commonly known as Dragon’s Blood Resin - to TCM distributors and TCM manufacturing companies in Hong Kong and China.
The company intends to produce and distribute another extract called Dendrobium Officinale Kimura et Migo.
A number of Singapore firms are choosing to list in Australia, where small technology firms tend to trade at higher valuations compared to what they are likely to fetch if they list in Singapore.
Last week, Singapore-based social media firm Netccentric Group – whose stable of bloggers includes Wendy Cheng, popularly known as XiaXue – made its debut on ASX after successfully raising A$12.5 million.
Other Singapore-based firms that have successfully listed on ASX include real estate portal iProperty, social media firm MigMe and investment company Fatfish Internet Group.