Addvalue Technologies (SGX:A31) has formed a step-down subsidiary in the Cayman Islands named Addvalue Space Technologies (AVST) to execute the proposed spin-off listing of the group's space-related business on the Nasdaq Capital Market or New York Stock Exchange, according to a Friday filing to the Singapore bourse.

The company's shares were down over 4% in Monday's trade.

Addvalue Solutions currently operates the group's space-related business.

AVST will be structured as the holding company of Addvalue Solutions prior to its proposed listing and quotation of the shares on the U.S. market.