Wednesday, September 15, 2010

MSC plans secondary listing on SGX-ST

KUALA LUMPUR: MALAYSIA SMELTING CORPORATION [] Bhd (MSC) is planning on a secondary listing on the Main Board of the Singapore Exchange Securities Trading Ltd (SGX-ST) to act as a catalyst to improve its presence amongst investors in the region.

The company said on Wednesday, Sept 15 it had appointed CIMB Investment Bank Berhad and CIMB Bank Bhd (Singapore Branch) to advise it on the proposed secondary listing.

MSC said the planned secondary listing which may include an offering of its new and/or existing shares was still at the preliminary stage and the structure of the
listing had yet to be finalised.

It said a detailed announcement in relation to the proposed secondary listing would be made in due course, once its board finalises and approves the listing.

'The proposed secondary listing also provides an avenue to increase the trading activity of MSC shares as well as to provide an alternative market for MSC to
raise funds for its working capital purposes,' it said.

The company said the proposed secondary listing was also subject to approvals being obtained from the relevant authorities in Malaysia and Singapore as well as the shareholders of MSC at''an extraordinary general meeting to be convened.

MSC is a 73.12% owned subsidiary of The Straits Trading Company Ltd, which is listed on the SGX-ST.

No comments:

Post a Comment