PRG Holdings Bhd, a Bursa Malaysia Main Market-listed investment holding Company with its interest in property development, construction and manufacturing businesses, is pleased to announce that the Company has today received the approval from The Stock Exchange of Hong Kong Limited to list its manufacturing and manufacturing-related business via a listing of new shares in the Growth Enterprise Market (GEM) in HK Exchange on 16 October 2017.
The listing application was submitted via Shenwan Hongyuan Capital (H.K.) Limited, the sole sponsor in May this year. The Listco is incorporated in the Cayman Islands and is a wholly-owned subsidiary of PRG.
The listing exercise constitute a deemed disposal for the Company arising from the dilution of at least 25% of its equity interests in Listco. Upon completion of the Proposed Listing, PRG will continue to be a controlling shareholder of the enlarged issued share capital of Listco.
PRG Group Managing Director Datuk Lua Choon Hann said: “Achieving this listing status is more than just about money. A place on the GEM market is extremely valuable because now it better brands PRG's profile. This status will give us extra leverage in growing PRG. Now we have an international fundraising platform and exposure to the much sought-after Mainland Chinese market. This will enable us to capitalise on growth opportunities for manufacturing business in Malaysia and Vietnam. The listing date is also meaningful to us as it is also the 14th anniversary for the listing of PRG on the Bursa Malaysia Securities. I am sincerely grateful to everyone who worked extremely hard to make this Proposed Listing a success.
He said the proceeds raised from the Proposed Listing will accrue entirely to Listco and will be utilised for future expansion of our capacity and working capital of the manufacturing and manufacturing-related businesses of Listco Group.
Besides that, the company aims to enhance the capital base and strengthen the financial position of Listco to enable it to achieve its objectives of long-term sustainable growth in the manufacturing business, which is in the interest of PRG and its shareholders.
“In PRG, we set our priority to enhance our shareholders’ value and strive to become a transparent and investor friendly listed company. This Proposed Listing is an important milestone for PRG which will enhance the competitive advantages of our manufacturing division. The exercise will also provide an opportunity for the investing community including the Hong Kong public to participate directly in the Listco’s continuing growth,” Lua added.