Prestar Resources considers listing steel unit on ACE Market

PETALING JAYA: Prestar Resources Bhd is considering the listing of its 51%-owned subsidiary Tashin Steel Sdn Bhd on the ACE Market of Bursa Malaysia.
The group said details of the proposed listing have yet to be determined and a detailed announcement will be made in due course once the listing structure is finalised and approved. Tashin Steel has appointed M&A Securities Sdn Bhd as the principal adviser for the listing exercise.
Prestar, which is involved in steel-processing and steel-products manufacturing activities, said the proposed listing is at a preliminary stage and fairly extensive preparatory work is required and that such preparatory work may involve an uncertain time frame.
“The proposed listing is also subject to, among others, satisfactory due diligence and approvals being obtained from the relevant authorities in Malaysia (where required),” it noted.
Prestar also highlighted that there is no assurance that such approvals would be granted and that shareholders should note that the proposed listing may or may not materialise.
Prestar shares rose 5 sen to close at RM1.24 yesterday on some 22,700 shares done, bringing it a market capitalisation of RM251.27 million.