Shareholders of Addvalue Technologies approved the proposed spin-off and Nasdaq listing of its space connectivity business, Addvalue Solutions (AVS). Over 99.9% of shareholders voted in favor of the move. This approval includes the associated share dilution. The vote occurred during an extraordinary general meeting on September 24.
The spun-off entity will house the Inter-Satellite Data Relay System (IDRS) business. This unit provides connectivity for space assets. Addvalue plans to retain a controlling stake of at least 51% following the U.S. initial public offering. The parent company will maintain its primary listing on the Singapore Exchange.
Management pursued the spin-off to benchmark the high-tech unit against global peers on a U.S. exchange. This move aims to eliminate a conglomerate discount and capture higher U.S. valuations.