Defence industry company XTEK Limited announced a proposed name change to HighCom Limited, pending shareholder approval at the Annual General Meeting scheduled for 12 November 2023.
The proposed change aligns with the company’s evolving business and is anticipated to position the group for its next phase of growth and global expansion, the ASX-listed company said in a news release.
Furthermore, the decision to rebrand to HighCom Limited is seen as a significant and necessary step to better represent the company’s value-creation potential for shareholders.
This change will be in harmony with the Group’s “HighCom” ballistic armour brand, which has been making substantial strides in its commercial operations with the military, law enforcement agencies, and government clients both in the United States and globally.
The expected ASX ticker code following the name change will be HCL.
XTEK Limited intends to maintain its current two-divisional structure, with the Technology Division being renamed “HighCom Technology.”
The company will focus on sales and maintenance support services for Small Uncrewed Aerial Systems (SUAS).
This division continues to play a pivotal role in generating revenue, especially after securing a 10-year, potential $110 million+ Support Contract with the Australian Department of Defence.
The company will keep its small, dynamic, and highly capable Technology Division team located at its corporate headquarters in Canberra, ACT.
According to the company, the proposed name change reflects XTEK Limited’s commitment to aligning its corporate identity with its thriving “HighCom” brand, emphasising its dedication to delivering innovative solutions to its customers.
Shareholders will have the opportunity to cast their votes on this proposed name change at the upcoming Annual General Meeting in November.
