Guan Chong Bhd shareholders have approved the company’s plan for a secondary listing in Singapore at an EGM, shareholders also gave the nod to a proposed 1-for-2 bonus issue of up to 205.2 million new Guan Chong shares

Guan Chong Bhd shareholders have approved the company’s plan for a secondary listing in Singapore at an EGM.

Guan Chong said in a statement the greenlight concluded all the necessary approvals needed from the relevant stakeholders in both Malaysia and Singapore.

“This paves the way for the group to continue to the next agenda on its Singapore listing timeline, the launching of its initial public offering (IPO) prospectus,” it said.

Managing director and chief executive officer Brandon Tay Hoe Lian said the details on the launch of the IPO prospectus were now being finalised. “We will make the necessary announcement at the appropriate time,” he said.

Guan Chong’s secondary listing on the SGX-ST involves a public offering of up to 62 million ordinary shares, comprising 31 million new shares and 31 million vendor shares to be offered by certain existing shareholders.

Shareholders also gave the nod to a proposed 1-for-2 bonus issue of up to 205.2 million new Guan Chong shares.

The company said upon completion of both the listing and bonus issue, it would see its share capital rising to RM131.5mil. — Bernama

Source: www.thestar.com.my