Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Tuesday (2 March) announced Banle International Holdings Limited (BIH), the holding company of Banle Energy International Limited (BEI), a 38%-associate company of Straits, is seeking to be listed on the GEM market on the Hong Kong Stock Exchange.
In order to prepare for the listing, BEI will undergo a restructuring exercise which will involve the transfer of the shareholding in BEI to Banle International Group Limited (BVI), followed by the transfer of the shareholding in BVI to BIH, which would result in BIH being the ultimate holding company of BEI through BVI.
“The details of the proposed restructuring, including the corporate structure of BIH Group, size and structure of the proposed listing, the issue price and the amount of proceeds to be raised, will only be determined at a later date closer to the launch of the Prospectus of BIH and is subject to obtaining the relevant approvals from all governing authorities pertaining to the Proposed Listing,” said SIL in a statement.
The Board of SIL published the following rationale and benefits of the corporate exercise:
(i) to create a public platform for which BIH Shares can be traded via an established stock exchange, which is expected to increase the investor base of BIH Shares, provide liquidity to the trading of BIH Shares;
(ii) To enable BIH to gain standalone and direct access to the capital market for cost effective capital raising for its future expansion and corporate finance exercises; and
(iii) To enable BIH to gain recognition and corporate stature through its listing status, which in turn will assist in expanding its customer base, suppliers and financiers.
Related: Straits Inter Logistics welcomes Singapore-listed Avarga as new substantial shareholder
Related: Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million
Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Photo credit: Dan-Freeman
Published: 3 March, 2021
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