Prestar gets shareholders nod to list Tahsin Steel

KUALA LUMPUR: Prestar Holdings Bhd has received shareholders’ approval to list one of its subsidiary Tashin Steel Sdn Bhd.

“The listing of Tashin on the ACE Market is targeted to be this year,” Prestar group managing director Datuk Y.P. Toh told reporters after its EGM on Wednesday.

Tashin plans to raise RM38mil from the listing exercise.

“We will use proceeds from Tashin initial public offering (IPO) to pare down some of Prestar borrowings,” Toh said.

Tashin plans to use proceeds from the IPO to acquire land, build a factory and for working capital.

“The proposed listing of Tashin will enable Prestar to unlock and crystallise the value of its investment since 1999 as well enhancing shareholders’ value,” Toh said.

Tashin contributed about one third of Prestar's annual revenue and its core activities are producing steel coils and steel sheets.