PETALING JAYA: PRG Holdings Bhd has received the green light to list its Cayman Island’s incorporated manufacturing business, Listco Group in the Growth Enterprise Market (“GEM”) of the Hong Kong Stock Exchange (HKSE). The listing date is scheduled for Oct 16 and will see the dilution of 25% of PRG’s stake.
In a filing with Bursa Malaysia, its board of directors said the group has received an “in-principle approval” in a letter dated Sept 25, and the final approval will come from HKSE before trading of new ordinary shares at a nominal value of HK$0.10 (RM0.50) each.
The approval is subject to the fulfilment of documentation requirements under Chapters 12 and 24 of the Rules Governing the Listing of Securities within the stipulated time frame and satisfaction of the bourse operator on the contents of Listco’s prospectus.
Proceeds from the listing will be used for future capacity expansion and working capital of the manufacturing and manufacturing-related businesses of Listco Group.
PRG’s group managing director Datuk Lua Choon Hann said the group is looking to strengthen its capital base and financial position via the listing, in a bid to achieve its objectives of long-term sustainable growth in the manufacturing business.
Source: The Sun Daily