OMH Prepares 10 Million Shares For Secondary Listing - Kakiforex | Forex markets for the smart money. OMH Prepares 10 Million Shares For Secondary Listing OMH Prepares 10 Million Shares For Secondary Listing

June 11, 2021

OMH Prepares 10 Million Shares For Secondary Listing

 The company listed on the Australian Securities Exchange (ASX), OM Holdings Ltd (OMH) is preparing 10 million shares for trading on the Main Market, Bursa Malaysia for its secondary listing on June 22.


OMH's executive chairman and chief executive officer cum major shareholder, Low Ngee Tong, has expressed commitment that he will get another OMH major shareholder, to transfer a number of the shares from ASX to Bursa Malaysia so that the shares are available for trading on the listing date.


The shares represent 1.35% of OMH's total issued shares.


Based on the company's prospectus, the proforma listing for major shareholder, Ngee Tong, will decline from 9.22% to 7.87% after the listing assuming he has fully transferred and sold 10 million shares on Bursa Malaysia.


The secondary listing will be done as an introduction and will not involve the issuance of new shares.


In addition, shareholders will be able to transfer their ASX listed shares to Bursa Malaysia and vice versa, for trading.



The move is the first cross -listing on Bursa Malaysia and the ASX.


The listing reference price will be based on the closing price on the ASX on June 21, with an exchange at the Australian dollar-ringgit closing rate issued by Bank Negara Malaysia (BNM) on the same date.


OMH’s share price on the ASX was trading at US $ 0.87 at the time of this report.


Ngee Tong added that through the secondary listing, it aims to expand the reach of investors and the number of investors.


"Besides that, we want to increase liquidity from our shares potentially through different trading platforms," ​​he explained as reported by Bernama.


He said the move would also enable the company to leverage on additional platforms to raise funds for the future as well as provide flexibility to access different equity markets for fundraising.


"We may implement fundraising measures from the Malaysian capital market after this secondary listing and channel the funds for efforts to expand our plant in Sarawak," he said.