KUALA LUMPUR: PUC Bhd
's 27.53%-owned associated company, Pictureworks International Holdings Limited, has filed Form F-1 with the United States Securities and Exchange Commission (SEC) on Dec 26 for its proposed listing on Nasdaq.
In a filing with Bursa Malaysia, PUC said the proposed listing is part of Pictureworks’ strategic plan to enhance its global visibility and unlock shareholder value.
“The company has been informed that Pictureworks is currently in the process of meeting the necessary regulatory requirements for the listing, which remains subject to the approval of the relevant authorities and compliance with all applicable regulations,” it added.
PUC said the proposed listing is expected to boost Pictureworks' access to global capital, accelerate growth, and expand its market presence, potentially enhancing PUC's investment value.
“The board of directors is currently assessing the financial impact of the proposed listing on PUC. Any material change to the valuation of the company’s 27.53% equity interest in Pictureworks, arising from the listing, will be reflected in the company’s future financial statements.
“At this juncture, the listing is not expected to have an immediate operational impact on PUC’s core business activities. However, the board believes the potential value creation from Pictureworks’ listing may provide future financial benefits to PUC,” it said.
