AppAsia to list four subsidiaries in Australia

PETALING JAYA: AppAsia Bhd has proposed to list four of its subsidiaries on the Australian Securities Exchange (ASX) via AppAsia Limited (AL), an investment holding company in Australia.
In a filing with Bursa Malaysia yesterday, AppAsia said the company will dispose of the entire issued share capital of its wholly owned subsidiaries AppAsia Studio Sdn Bhd (ASSB), AppAsia Mall Sdn Bhd (AMSB) and AppAsia International Sdn Bhd (AISB) to AL for an aggregate of AU$543,615 (RM1.82 million) to be satisfied via the issuance of 45.37 million shares in AL to AppAsia.
In addition, the entire issued share capital of AppAsia International Pty Ltd, a wholly-owned subsidiary of AISB, will be disposed of to AL for AU$115,331 to be satisfied via the issuance of 9.62 million AL shares to AppAsia.
The company had also entered into a share purchase agreement with Datuk Tan Boon Jin and Lin Wan Lin to acquire the entire equity interest in Admall Sdn Bhd for AU$1.19 million to be satisfied via the issuance of 24.99 million AL shares at an issue price of AU$0.048 each.
AL proposed to undertake an initial public offering involving a public issue of between 20 million and 30 million new AL shares at an issue price of AU$0.20 each. It is looking at an entire enlarged issued and paid-up share capital of up to 110.6 million AL shares to be listed on the ASX.
The proposed public issue will raise up to AU$6 million, which will be used for expansion in Malaysia, Australia, Indonesia and Thailand.
AppAsia said the proposed listing will enable the AL Group to gain direct access to the Australian capital market as well as accelerate its expansion and strengthen its market position in Asean and Australia.
The proposals are subject to the approvals of AppAsia shareholders, ASX and relevant authorities. It expects to complete the entire exercise in the third quarter of 2017.