Proposal to list Fitters-NRG on Aussie bourse via reverse takeover

PETALING JAYA: Fitters Diversified Bhd’s wholly-owned subsidiary, Fitters-NRG Sdn Bhd, has received a proposal to list on the Australian Stock Exchange (ASX) via a reverse takeover.

Fitters told Bursa Malaysia yesterday that it received the proposal from Trident Capital Pty Ltd, an Australian based corporate advisory firm, to list Fitters-NRG via a reverse takeover of IFS Constructions Ltd, an ASX-listed entity.

Fitters-NRG is a clean energy company with an emphasis on gasification processes.

Fitters has appointed Trident as the corporate adviser for the exercise and TA Securities Holdings Bhd as the adviser for the proposed ASX listing.

“The details of the proposed ASX listing shall be determined at a later date and will be announced in due course,” Fitters said yesterday.

It added that the proposed ASX listing is subject approvals or clearance being obtained from the relevant authorities in Malaysia and Australia.

“There is no assurance that such approvals or clearance would be obtained or that the proposed ASX listing may occur. Therefore, investors should note that the listing of Fitters-NRG’s shares on the ASX may or may not occur,” it said.

Fitters gained 1 sen, or 1% to close at 51 sen yesterday.