Malaysian mobile device company, AdvanceTC Limited, has been listed on the National Stock Exchange of Australia (NSX).
The company, which is listed under the code NSX: A88. has an issued capital of 300,317,550 shares at an issue price of $0.55.
AdvanceTC executive chairman and chief executive officer, Loi Cheng Pheng, said the NSX listing provides a “solid foundation” for the company to push its products globally.
“The world has seen the increasing success for smartphones and mobile devices,” he said.
“This follows from a global lifestyle trend and preference for an ever increasingly powerful mobile device to enable users to connect to the Internet for work and play and for people wanting to be on the go.”
A market cap on listing of about $165 million has been achieved, and all of the shares have been issued as fully paid shares to current shareholders.
Growing NSX presence
The listing of AdvanceTC comes two months after Malaysian nanotechnology business, Nanopac Innovation, was listed on the NSX.
NSX chief executive, Emlyn Scott, said market capitalisations of companies can range from less than $2 million to $165 million.Read more:UPDATED: Enprise Group to list on the National Stock Exchange
"NSX is attracting innovative companies from all around the world,” he said.
“Our business model of providing support and education to companies considering listing is much appreciated, especially by companies with limited exposure to Australian capital markets.”
In addition to Nanopac Innovation, Invest Nexus, a Chinese funded Australian investment company, and Community Merchant Solutions, a US merchant payment services company, have been listed on the NSX recently.
Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.