PETALING JAYA :  Automated equipment manufacturer Pentamaster Corp Bhd is mulling over a listing of its automated solution business on the Main Board of the Hong Kong Stock Exchange.

The group is also involved in automated manufacturing solution and smart control solution system segments.

In a filing with Bursa Malaysia, Pentamaster said the proposed listing is still at a preliminary stage with a fairly extensive preparatory work required, and may take up an uncertain time frame.

“The proposed listing is also subject to, among others, satisfactory due diligence and assessment of suitability for listing by the Hong Kong sponsor and other professional advisers, approvals being obtained from the relevant authorities in Hong Kong and Malaysia (where required), as well as the shareholders at an extraordinary general meeting to be convened,” it noted.

“In addition, the proposed listing is subject to assessment of other factors such as general economic and capital market conditions. There is no assurance that such approvals would be granted or that the proposed listing may occur. Therefore, shareholders should note that the proposed listing may or may not materialise,” it added.

While details for the listing are yet to be determined, the group has appointed Altus Capital Ltd as the sponsor for the proposed listing.

Prior to the completion of the listing, Pentamaster will also be embarking on a reorganisation of its subsidiaries involved in the automated solution business, which will remain as its subsidiaries upon listing.

According to the board, the proposed listing could enhance the group’s corporate reputation and aid expansion of its customer base, unlock shareholders value and tap into a diverse fund raising platform in the future with the likes of the Hong Kong capital markets which will in turn increase its financial flexibility.

Sourced from : thesundaily