Straits Energy unit proposes listing on Nasdaq

A man walks past the Nasdaq MarketSite in New York's Times Square

KUALA LUMPUR: CBL International Ltd, an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd, is proposing a listing on the Nasdaq Capital Market via an initial public offering.

In a filing with Bursa Malaysia, Straits said it is subject to obtaining the relevant approvals from all governing authorities pertaining to the proposed listing.

“The details of the proposed listing, including the corporate structure of CBL International, size and structure of the proposed listing, the issue price and the amount of proceeds to be raised, will only be determined at a later date closer to the launch of the prospectus of CBL International,” it said.

Straits said the proposed listing was to create a public platform for which CBL International shares could be traded via an established stock exchange, which is expected to increase the investor base of its shares. — Bernama