PRG to list manufacturing business in Hong Kong

The company logo of Hong Kong Exchanges & Clearing Ltd (HKEX) is displayed outside its exhibition hall in Hong Kong August 10, 2011. REUTERS/Bobby Yip/File Photo

KUALA LUMPUR: PRG Holdings Bhd is seeking to list its manufacturing business on the Growth Enterprise Market (GEM) of The Stock Exchange of Hong Kong Ltd (HKEX).

In a statement on Thursday, PRG said the proposed listing on HKEX, a globally-recognised stock exchange, would allow it and its manufacturing business to have separate fund-raising platforms in the debt and equity capital markets.

“The actual details have yet to be determined but it is envisaged the groups (PRG together with its subsidiaries) manufacturing division will continue to remain as a subsidiary of PRG upon the completion of the proposed listing,” it said.

The proposed listing would also facilitate a more efficient group structure by way of promoting a better segregation of business responsibilities and operations of PRG’s existing manufacturing, property and construction businesses, it said.

PRG’s manufacturing division makes a wide range of products that are used in various industry sectors such as furniture webbing, recliner, seat belt webbing and industrial webbing.

It has since diversified its core business to include property development and construction businesses after completion of a few corporate exercises.

PRG’s maiden project, Picasso Residence @ Jalan Ampang, has a gross development value of an estimated RM600mil. - Bernama