BUSINESS

OMH TO PROCEED WITH MAIN MARKET SECONDARY LISTING

08/06/2021 12:59 PM

KUALA LUMPUR, June 8 -- OM Holdings Ltd (OMH) has obtained the Securities Commission (SC) and Bursa Malaysia Securities Bhd’s (Bursa Securities) approval to proceed with its secondary listing on Bursa Securities’ Main Market.

In a statement, the vertically integrated manganese ore and ferroalloy producer said the secondary listing quotation for the entire issued share capital on the Main Market of Bursa Securities will be undertaken by way of introduction, and will not involve the issuance of new shares.

Further, as OMH’s shares will be fully fungible between the two exchanges, namely, the Australian Securities Exchange (ASX) and Bursa Securities, shareholders will be able to transfer their shares listed on the ASX to Bursa Securities and vice versa for trading.

OMH’s shares have been publicly traded on the ASX since 1998, and OMH will continue to maintain its primary listing on the ASX, it said.

Executive chairman and chief executive officer Low Ngee Tong said the approvals from the SC and Bursa Securities marked a key milestone in its journey and complements the company’s future plans for its Sarawak operations.

“With increasing urbanisation and growth, we are confident of the long-term fundamentals for steel making in this region and believe demand to be strong.

“In the coming months, we will engage with current and prospective shareholders and work on building investor awareness for our secondary listing,” he said.

He added that OMH believes the secondary listing would expand its investor reach and potentially increase its liquidity in a region where the market is familiar with the company’s business profile and recognises the fundamental strengths of its business.

Low said the ferroalloys produced at the Sarawak plant are essential to steel making, and the company has witnessed an increase in crude steel capacity in the ASEAN region since the commissioning of its Sarawak plant in 2014.

Together with its subsidiaries and associates, the OMH Group covers the upstream operations, involving exploration and mining of manganese ore, and downstream activities of smelting and trading of manganese ore and processed ferroalloys.

-- BERNAMA


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