Prestar looking to list unit on the Ace Market

PETALING JAYA: Steel maker Prestar Resources Bhd is looking to list its manufacturing and trading unit on the Ace Market of Bursa Malaysia.

The company has appointed M&A Securities Sdn Bhd as the principal adviser for the proposed listing of subsidiary Tashin Steel Sdn Bhd (TSSB), in which Prestar has a 51% stake.

TSSB, located in Penang, is involved in the manufacturing, reprocessing and trading of steel-related products.

In a filing with the stock exchange, the group said details of the proposal have yet to be determined, and a detailed announcement would be made once TSSB finalises and approves the structure of the proposed listing.

“The board wishes to highlight to shareholders of the company that the proposed listing is at a preliminary stage and fairly extensive preparatory work is required, and that such preparatory work may involve an uncertain time frame,” it said.

It added that the proposal was also subject to, among others, satis- factory due diligence and approvals being obtained from the relevant authorities.

“There is no assurance that such approvals would be granted or that the proposed listing may occur. Therefore, shareholders should note that the proposed listing may or may not materialise,” it added.

The group said further announcements in relation to the proposed listing would be made when appropriate, in accordance to the stock exchange’s listing requirements.

Prestar, which was listed in September 1995, is an investment holding company with subsidiary companies mainly involved in the steel-processing and steel-products manufacturing activities with factories in Malaysia and Vietnam.

After its listing, the group moved upstream into reprocessing steel mother coils into slitted coils/sheets for the supply to automotive, electrical and electronic industries.

It also expanded into the manufacturing of carbon and stainless steel pipes, steel highway guardrails and steel flat-bars, among other products.