KUALA LUMPUR: Singapore-listed Oiltek International Ltd has submitted an application to the Securities Commission Malaysia (SC) for a proposed secondary listing on the Main Market of Bursa Malaysia.
The integrated process technology and renewable energy solutions provider, in a statement, said the application was submitted on Sept 25 through its principal adviser, M & A Securities Sdn Bhd.
Oiltek, which is currently listed on the Mainboard of the Singapore Exchange Securities Trading Ltd (SGX-ST), will retain the SGX-ST as its primary stock exchange.
The proposed secondary listing will be undertaken in conjunction with a public offering in Malaysia.
The offering will comprise a public issue of new Oiltek shares for application by the Malaysian public, as well as shares to be placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
It will also include an offer for sale of existing shares by selling shareholders through a private placement to Miti-approved Bumiputera investors.
Oiltek said the final structure, size and issue or offer price of the proposed offering would be determined later.
The proposed secondary listing and offering are subject to approvals from the SC, Bursa Malaysia Securities Bhd, Bank Negara Malaysia, Miti and other relevant authorities.
Separately, Oiltek is proposing a bonus issue of new shares to entitled shareholders as part of preparations for the Bursa Malaysia listing.
The company said the bonus issue, on a basis to be determined, is intended to enhance the marketability and liquidity of its shares ahead of the proposed secondary listing.
Executive director and chief executive officer Henry Yong Khai Weng said the application marked an important milestone in the company’s proposed secondary listing.
“We believe the proposed listing will provide Oiltek with an additional platform to engage with the Malaysian investment community, while complementing our existing presence on the Singapore Exchange,” he said.
Separately, he said the proposed bonus issue and offering are intended to support the marketability and liquidity of our shares as we progress towards the proposed secondary listing.
“We look forward to keeping our shareholders and the investment community updated as we advance through the regulatory and shareholder approval processes.”
Oiltek traces its history to its Malaysian operating subsidiary, Oiltek Sdn Bhd, which was incorporated in 1980. The group provides refinery process, engineering and renewable energy solutions and has designed, built and commercialised plants in more than 37 countries across five continents.
