KUALA LUMPUR: PRG Holdings Bhd
has received the in-principle approval from the Stock Exchange of Hong Kong (HKEX) in relation to the planned listing of its manufacturing business on the growth enterprise market (GEM).
The company, in a filing to the stock exchange on Tuesday, said it had received the approval via a letter dated Sept 25, 2017.
It said a formal and final approval will be granted by the HKEX before trading in the new ordinary shares of the nominal value of HKD0.10 each in Listco commences.
This, it said, was based on condition that the documentary requirements under Chapters 12 and 24 of the Rules Governing the Listing of Securities on Growth Enterprise Market of the HKEX are fulfilled within the prescribed time limit; and the listing department of the HKEX is satisfied with the contents of the published version of the prospectus.
The company had submitted its listing application to the HKEX in May this year.
PRG, which has interests in property development, construction and manufacturing businesses said in a statement following the application, that barring any unforeseen circumstances and subject to the approvals of the relevant regulatory authorities, the board expects the proposed listing to be completed before the end of 2017.
It said the proceeds raised from the proposed listing will accrue entirely to Listco and is proposed to be utilised for any future expansion of business and working capital purposes of the manufacturing and manufacturing-related businesses of Listco Group.
Upon completion of the proposed listing, PRG will continue to be a controlling shareholder holding not more than 75% of the enlarged issued share capital of Listco, it had said.
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