Straits Energy to list subsidiary on NYSE American 


PETALING JAYA: Oil trading and bunkering service provider Straits Energy Resources Bhd is proposing to list its 76.68%-owned subsidiary TMD Energy Ltd (TMDEL) on the New York Stock Exchange American (NYSE American).

In a filing with Bursa Malaysia, Straits Energy said the proposed initial public offering (IPO) will entail at least 1.75 million new TMDEL shares representing approximately 8.05% of the enlarged issued share capital of TMDEL after the IPO (under the minimum scenario) and up to four million issue shares representing not more than 16.67% of the enlarged issued share capital of TMDEL after the IPO.

Based on the indicative issue price ranging between RM15.19 to RM17.52 per issue share, Straits Energy said the proposed IPO is expected to raise gross proceeds ranging between RM26.57mil to RM70.09mil.

“TMDEL expects to issue its final prospectus that sets out the detailed information of the proposed IPO tentatively by the fourth quarter of 2024.” Straits Energy said the proposed listing will enable the group to efficiently allocate its resources to accelerate the expansion and growth of the oil bunkering and shipping related services business.

It said the listing would also enable Straits Energy to unlock the value of its investment in its oil bunkering and shipping-related services business through the share offering exercise under the proposed IPO, thus enhancing the value for shareholders.

Last year, Straits Energy had proposed to spin off its oil bunkering and shipping-related services segment through a Nasdaq listing by way of a registered public offering.

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Straits Energy , listing , NYSE

   

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