KUALA LUMPUR, Oct 2 — Straits Energy Resources Bhd has proposed to list its oil bunkering and shipping-related services segment on the Nasdaq stock exchange via a public offering.
In a filing with Bursa Malaysia today, the company said it plans to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping-related services segment to form a separate listing group, or Spin-off Group, suitable for the listing.
“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as subsidiaries of Straits upon the completion of the proposed listing,” it said.
Straits Energy said a detailed announcement in relation to the exercise would be made in due course, once the board of directors has finalised and approved the terms and structure of the proposed listing.
The company said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on Nasdaq.
It added that the listing would further enhance its corporate reputation and profile which would be conducive to expanding its customer base whilst allowing it to expand and establish its global presence.
The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide it with financial flexibility for future expansion and growth, it added. — Bernama
