Singapore’s Aztech Mulls $300 Million IPO of Tech Unit
(Bloomberg) -- Aztech Group Ltd., a Singapore-based conglomerate, is considering a listing of its technology unit on the country’s stock exchange that could raise as much as S$400 million ($295 million), according to people familiar with the matter.
Aztech Group, which was taken private by its chairman in 2017, is working with advisers on the potential initial public offering of Aztech Technologies Pte that could happen as soon as the second quarter, said the people. Aztech Group aims to seek a valuation of as much as S$1 billion for its technology unit in a listing, said the people, who asked not to be named as the information is private.
Aztech Technologies would join companies such as Thai Beverage Pcl and Far East Consortium International Ltd. in considering spinning units off for listings in Singapore in the coming year. First-time share sales in the country rose to $2.2 billion this year, from about $1.5 billion in 2018, according to data compiled by Bloomberg.
Deliberations are still early and may not result in a deal, said the people. A representative for Aztech Group didn’t respond to requests for comment.
“We are a growing company and always looking at various options,” a representative for Aztech Technologies wrote in an emailed response. “At this stage, it’s too premature to comment on any of the options.”
Aztech, founded in 1986, runs businesses spanning from electronics manufacturing and building material supply to marine services and restaurants. The conglomerate has support offices in Hong Kong, the Philippines and China, according to its website.
Aztech Technologies manufactures electronics including networking and telecommunications gear, personal computers and consumer electronics, the website shows. It has research and development centers in Singapore, Hong Kong and China, and distributes products under its brand to more than 40 countries.
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