KUALA LUMPUR (Dec 26): OSK Holdings Bhd has permanently scrapped the listing of its indirect subsidiary OCC Cables Ltd on the main board of The Stock Exchange of Hong Kong Ltd (HKEx) due to the continuous adverse global market conditions.

The group said in a filing to Bursa Malaysia this evening that the termination of the listing is not expected to have any material impact on its consolidated earnings per share and net assets per share.

However, the group will expense off approximately RM12.1 million for the financial year ending Dec 31, 2018, which are costs in relation to its proposed listing exercise.

To recap, the listing of OCC Cables was originally slated for Oct 19, and its initial public offering exercise was expected to raise net proceeds of HK$149 million (RM79.38 million). OSK had shared that the main objective of the exercise was to expand the capacity of OCC Cables' Melaka power cable plant, which is currently running at a high utilisation rate.

However, OSK announced on Oct 12 that it has decided not to proceed with the listing of OCC Cables due to the current adverse global market conditions.

OSK shares closed down 0.5 sen or 0.6% today to 86 sen, and for a market capitalisation of RM1.78 billion.