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.
Based on the indicative issue price ranging between RM15.19 to RM17.52 per issue share, Straits Energy said the proposed IPO is expected to raise gross proceeds ranging between RM26.57mil and RM70.09mil.
