KUALA LUMPUR (Aug 29): CBL International Ltd, being the ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Bhd is proposing a listing on the Nasdaq Capital Market via an initial public offering (IPO).

In a bourse filing on Monday (Aug 29), Straits Energy noted the exercise is subject to obtaining the relevant approvals from all governing authorities pertaining to the proposed listing.

“The details of the proposed listing, including the corporate structure of CBL International Group, size and structure of the proposed listing, the issue price and the amount of proceeds to be raised, will only be determined at a later date closer to the launch of the prospectus of CBL International,” it said.

Under the exercise, Straits Energy seeks to create a public platform for which CBL International shares can be traded via an established stock exchange, which is expected to increase the investor base of its shares.

This is in addition to enabling CBL International to gain standalone and direct access to the capital market for cost effective capital raising for its future expansion and corporate finance exercises, as well as to gain recognition and corporate stature through its listing status, which in turn will assist in expanding its customer base, suppliers and financiers.

Straits Energy’ share price settled unchanged at 12.5 sen, bringing it a market capitalisation of RM117.8 million.