KUALA LUMPUR (March 26): OSK Holdings Bhd said today it is considering listing its cables business on the Main Board of the Hong Kong Stock Exchange.

The group said the proposed listing would unlock shareholders' value in the cables business and provide transparent valuation benchmark for the same in Hong Kong.

"(A spin-off) would also enable the cables business to gain standalone and direct access to the capital market in Hong Kong for cost effective capital raising for future expansion/corporate finance exercises for the cable business," it said in a filing with Bursa Malaysia today.

Noting that the actual details of the proposed listing have yet to be determined at this juncture, OSK Holdings said it is envisaged that the group will undertake a re-organisation of its subsidiaries involved in the cables business.

It added that the subsidiaries will remain as subsidiaries of OSK Holdings upon the completion of the proposed listing.

OSK Holdings said it seeks to obtain the necessary approvals for the proposed listing in due course. "The company will make further announcements in relation to the proposed listing, as and when appropriate, under the listing requirements."

OSK Holdings shares closed down one sen or 1.01% at 97.5 sen today, with 220,100 shares done, bringing a market capitalisation of RM2.04 billion.