In Brief

Giken Sakata plans to put itself under new holding company

PRECISION engineering company Giken Sakata (S) is proposing a one-for-one share swap to place itself under a new listed holding company, to be called GSS Energy, to make it easier to pursue investment opportunities should they arise. The move comes after Giken Sakata recently acquired oil and gas services business Cepu Sakti Energy. Under the new structure, GSS Energy will be able to seek investors into or to sell the existing Giken Sakata business without having to undergo a business and/or asset sale, the company said. GSS Energy will also be able to raise capital on a standalone basis. The proposed scheme will require shareholders' approval.

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