KUALA LUMPUR: Prestar Resources Bhd is considering to list its 51%-owned subsidiary Tashin Steel Sdn Bhd (TSSB) on Bursa Malaysia’s Ace Market.
In a filing with Bursa Malaysia, the steel product manufacturer said details of the proposed exercise had yet to be determined.
“A detailed announcement in relation to the proposed listing will be made in due course, once TSSB has finalised and approved the structure of the proposed listing,” it said.
Prestar, which made its listing debut in September 1995, makes steel-related products ranging from steel pipes and tubes to guardrails.
TSSB makes, reprocesses and trades steel-related products such as slit coils, sheets, flat bars and square bars. According to its website, TSSB’s products are used in industries such as automotive, furniture, electronics and electrical, construction and engineering fabrication.
TSSB has appointed M&A Securities Sdn Bhd as its principal adviser for the proposed initial public offering.
Prestar noted that the proposed listing was at a preliminary stage and fairly extensive preparatory work was required, adding that such preparatory work might involve an uncertain time frame.
It cautioned its shareholders that the proposed listing might not materialise.
“The proposed listing is also subject to, among others, satisfactory due diligence and approvals being obtained from the relevant authorities in Malaysia (where required). There is no assurance that such approvals would be granted or that the proposed listing may occur,” it said.
Prestar said it would make further announcement on the matter as and when appropriate.
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