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Tekcapital shares rise on first MicroSalt bulk order, potential IPO

Mon, 04th Jul 2022 09:24

(Alliance News) - Tekcapital PLC said on Monday its subsidiary MicroSalt Inc has secured the first bulk business-to-business order of its low-sodium salt, MicroSalt, in the US.

Tekcapital also noted it is considering a London float for the subsidiary next year.

Shares in Tekcapital were up 12% at 21.22 pence on Monday morning in London.

"This large initial order is a testament to the timeliness and flexibility of our products," said Rick Guiney, MicroSalt's chief executive, adding there was "very high" interest for bulk business-to-business MicroSalt sales internationally.

The company said it has also begun test marketing the first MicroSalt salt-shakers for food service, restaurants and retail sale. It said that the initial reception of this test marketing has been "very positive".

Tekcapital Chair Clifford Gross added: "Based on the rapid progress of MicroSalt and the global opportunity to convert their patented, first-mover advantage into a potentially significant position in the low-sodium salt market, we are considering a listing of MicroSalt on the London market in 2023".

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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