Rex, on balance, is better off being a private company. Since its IPO, the market has not shown any appreciation for its "technology".nor its oil assets.
It values Rex at around its cash level currently.
Market cap now about S$106 million based on 8.2 cents share price.
Compare that to its liquid assets comprising cash, cash equivalents and quoted investments of a total of US$70.75 million (S$98.34 million, as at 30 June 2019).