KUALA LUMPUR (Nov 6): Fitters Diversified Bhd said it has decided not to proceed with plans to list its wholly-owned subsidiary Fitters-NRG Sdn Bhd on the Australian Stock Exchange (ASX) via a reverse takeover (RTO) of ASX-listed IFS Construction Services Ltd.

However, Fitters added that it may consider listing the shares of Fitters-NRG directly on the exchange.  

In a filing with Bursa Malaysia today, Fitters said the decision was made in view that IFS has been removed from the official list of ASX.

"However, Fitters will continue to explore other possibility of listing Fitters-NRG on the ASX and will make the relevant announcement in due course," it added.  

Fitters had on Aug 19 this year announced its plans to list Fitters-NRG, a clean energy company with an emphasis on gasification processes, on the ASX via its RTO of IFS, which at that time was still an ASX-listed entity.

Fitters shares closed down 0.5 sen, or 0.95%, at 52 sen today, with a market capitalisation of RM251.91 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)