PRG plans to list manufacturing arm on Hong Kong bourse

KUALA LUMPUR (Sept 30): PRG Holdings Bhd, which is involved in manufacturing, property development and construction businesses, is considering listing its manufacturing division on the Growth Enterprise Market of the Stock Exchange of Hong Kong Ltd.

“The actual details of the proposed listing have yet to be determined, but it is envisaged that the manufacturing unit will continue to remain as a subsidiary of PRG upon completion of the proposed listing,” it said in a filing with Bursa Malaysia yesterday.

PRG said the reason for the listing is to allow the group and its manufacturing business to have separate fundraising platforms in the debt and equity capital markets, which will increase financing flexibility for both groups.

The proposed listing will also facilitate a more efficient group structure by way of promoting better segregation of business responsibilities and operations for PRG’s existing manufacturing, property and construction businesses. This will enable management of the group and its manufacturing business to efficiently allocate resources and focus on their respective businesses, thereby enhancing their decision-making process and responsiveness to market changes, it added.

PRG will appoint Shenwan Hongyuan Capital (HK) Ltd and other professional advisers for the proposed listing.

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This article first appeared in The Edge Financial Daily, on Sept 30, 2016. Subscribe to The Edge Financial Daily here.

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