Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.

In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.

“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as subsidiaries of Straits upon the completion of the Proposed Listing,” the company said. 

Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise. 

It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.

The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence. 

The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.

It will also unlock shareholders’ value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added. 

Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq. 

Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market

Related: Malaysia: Straits Energy associate CBL International to be listed on Nasdaq
Related: Exclusive: Banle Group sets sights on expanding bunker supply network with successful IPO on Nasdaq

Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023