Straits Energy to list subsidiary on NYSE American

PETALING JAYA: Oil trading and bunkering service provider Straits Energy Resources Bhd is proposing to list its 76.68%-owned subsidiary TMD Energy Ltd (TMDEL) on the New York Stock Exchange American (NYSE American).

In a filing with Bursa Malaysia, Straits Energy said the proposed initial public offering (IPO) will entail at least 1.75 million new TMDEL shares representing approximately 8.05% of the enlarged issued share capital of TMDEL after the IPO (under the minimum scenario) and up to four million issue shares representing not more than 16.67% of the enlarged issued share capital of TMDEL after the IPO.