Malaysia plantation company TSH Resources to commence trading on SGX on Sep 26

SHARES of Bursa Malaysia-listed TSH Resources will commence trading on the Singapore Exchange (SGX) mainboard on Tuesday (Sep 26), following its secondary listing by way of introduction.

The oil palm plantation company announced in July that it was undertaking a secondary listing of its shares on the SGX to expand and diversify its shareholder base and improve trading liquidity.

The company also noted that the secondary listing would provide an additional avenue for fundraising in Singapore and could attract wider research coverage for the company. The secondary listing does not involve any issuance of new shares.

TSH Resources will maintain its primary listing on Bursa Malaysia, and shares of TSH that are listed on Bursa Malaysia and on the SGX will be fully fungible.

The shares in Malaysia closed at RM1 per share on Monday or around S$0.2918, based on exchange rates as at 5 pm on Sep 25. At that price, the group had a market capitalisation of around RM1.38 billion.

TSH Resources posted revenue of RM1.3 billion for the financial year ended Dec 31, 2022, according to its annual report. This was 9.8 per cent higher than revenue for FY21, supported by revenue growth of the palm products segment.

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Oil palm cultivation and processing of fresh fruit bunches into crude palm oil and palm kernel accounted for around 92 per cent of total revenue in FY22.

The group posted profit after tax of RM525 million in FY22, up from RM202 million in FY21, mainly due to gains arising from disposal of assets.

Net profit attributable to shareholders rose to RM456.4 million for FY22, from RM169.4 million a year earlier. On a per-share basis, earnings per share rose to 33.07 sen from 12.27 sen over the same period.

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There are 27 companies with a secondary listing on the SGX. Hong Kong-listed wireless solutions provider Comba Telecom Systems also carried out a secondary listing on the mainboard of SGX in January this year.