OM Holdings looks at Malaysian listing
PERTH (miningweekly.com) – Manganese miner OM Holdings on Thursday said that it would seek a secondary listing on the main market of the Malaysian bourse.
The company told shareholders that a secondary listing on Bursa Malaysia Securities Berhhad would broaden its potential shareholder base and increase liquidity in a region where the market has familiarity with, and recognizes the fundamental benefits of developing and operating a ferroalloy smelting plant.
OM noted that in conjunction with the proposed secondary listing, the company could consider a share placement to raise additional capital for future expansion to support its vision of a strategic ferroalloy smelting hub in Malaysia.
To date, some $500-million has been invested into the Sarawak ferroalloy smelter, in Malaysia, in which OM holds a 75% interest. The company said that the secondary listing would further enhance the growth potential of the smelter, and would facility OM’s longer-term growth strategy in the region.
The proposed secondary listing will be subject to a number of approvals from relevant authorities in both Australia and Malaysia, while OM will also be considering other factors such as the fundamental macroeconomic and capital market conditions.
Under the secondary listing structure, OM will still maintain its primary listing on the ASX.
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