KUALA LUMPUR (Aug 19): Fitters Diversified Bhd is proposing 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.

Fitters-NRG is a clean energy company with an emphasis on gasification processes.

In a filing with Bursa Malaysia today, Fitters Diversified said it has received a proposal from Trident Capital Pty Ltd, an Australian based corporate advisory firm,  on the proposed corporate exercise. The group has appointed Trident as the corporate advisor in relation to the proposed ASX listing.

In addition, Fitters Diversified said it has appointed TA Securities Holdings Bhd as the adviser for the proposed ASX listing in relation to the Main Market listing requirements of Bursa Securities.

"The details of the proposed ASX listing shall be determined at a later date and will be announced in due course," said the group.

The proposed ASX listing is subject to approvals or clearance being obtained from the relevant authorities in Malaysia and Australia, as well as from the shareholders of Fitters Diversified at an extraordinary general meeting to be convened.

"There is no assurance that such approvals or clearance would be obtained or that the proposed ASX listing may occur. Therefore, investors should note that the listing of Fitters-NRG’s shares on the ASX may or may not occur," it added.

Fitters Diversified (fundamental: 1; valuation: 1.8) shares closed 0.5 sen or 1% higher at 50.5 sen today, bringing a market capitalisation of RM242.53 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.)