KUALA LUMPUR: GUAN CHONG BHD has proposed a secondary listing on the Singapore Exchange Securities Trading Ltd under its corporate exercise which includes the issuance of new shares.
It said the proposed secondary listing would enable Guan Chong to expand and diversify the geographical shareholder base and improve its market liquidity as well as lift the profile among overseas / international investors for the group and its subsidiaries.
The proposal would provide an additional choice of markets for existing and potential investors who intended to seek or expand their exposure in the company either via Bursa Securities and/or SGX-ST.
Guan Chong said the proposal would enable it to access capital market in Singapore and tap into additional sources of funds there.
As part of the secondary listing, it would issue up to 31 million shares, or 9.76% stake, to retail and/or institutional investors at RM2.7952 a share.
Under the coprorate exercise, it also proposed a bonus issue of up to 205.27 million new shares on a one-for-two basis. This would increase the liquidity and marketability of the shares in Malaysia and Singapore in view of larger capital base.
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