ValueMax’s Malaysian associates apply for Bursa listing under Well Chip
Sharanya Pillai
WELL Chip, a company set up to own shares in ValueMax Group ’s Malaysian associated companies, has applied for a listing on the main market of Bursa Malaysia.
On Thursday (Nov 16), Well Chip applied to the Securities Commission Malaysia (SC) to register its listing prospectus, ValueMax disclosed in a bourse filing.
Well Chip also applied to the Ministry of Investment, Trade and Industry to allocate 75 million of its new ordinary shares to selected approved investors. It made a separate application to the Equity Compliance Unit of the SC for the listing.
The move takes ValueMax a step closer towards listing its Malaysian associated companies on the domestic bourse.
On Nov 10, the company proposed transferring its shares in its four Malaysian associated companies from its wholly owned unit, VMM Holdings, to Well Chip for the potential listing. Well Chip was incorporated specifically for this restructuring.
The share swap consideration was RM171.6 million (S$49.7 million), based on the 2022 year-end total net asset value of the four companies. They are: SYT Pavilion, Thye Shing Pawnshop, Kedai Emas Well Chip and Kedai Pajak Well Chip.
ValueMax will continue to keep shareholders updated on material developments relating to the proposed listing. Its shares ended Thursday flat at S$0.305.
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