Friday 29 Mar 2024
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KUALA LUMPUR (July 19): Atlan Holdings Bhd is exploring the possibility of listing its subsidiary, United Industries Holdings Sdn Bhd, on the Growth Enterprise Market of the Stock Exchange of Hong Kong.

In a filing with Bursa Malaysia today, Atlan said the details of the proposed listing have yet to be determined, but that it is envisaged that the group's automotive division will continue to remain as a subsidiary of Atlan upon completion of the listing.

United Industries is an investment holding company and its subsidiaries are principally involved in the manufacturing, marketing and distribution of automotive component parts.

Atlan said the proposed listing is to build and enhance the visibility and reputation of its automotive business by obtaining its own listing status.

The proposed listing, Atlan said, is also to enable United Industries to gain standalone and direct access to the Hong Kong capital market for future expansion or fund-raising exercises for its automotive business.

Furthermore, the proposed listing is envisioned to enhance United Industries’ capital base and strengthen its financial position to achieve its long-term objectives and ensure sustainable development of its automotive business.  

Atlan has appointed Cinda International Capital Ltd to evaluate and advise as well as act as the sponsor for the proposed listing in Hong Kong.

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