KUALA LUMPUR (Aug 11): Power infrastructure specialist PESTECH International Bhd said its wholly-owned subsidiary PESTECH (Cambodia) PLC will make its debut on the Cambodia Securities Exchange (CSX) tomorrow.
In a filing with Bursa Malaysia, PESTECH said the CSX gave its final approval yesterday for the listing and quotation of the subsidiary’s shares on the exchange’s Main Board.
With the admission of PESTECH (Cambodia) to its official list, the CSX would have seven listed companies, according to the exchange’s website.
The spin-off of the PESTECH unit in Cambodia was first proposed in February 2016, The Edge Malaysia weekly reported in its April 27, 2020 edition.
It quoted PESTECH group chief executive officer (CEO) Paul Lim Pay Chuan as saying that the main objective of the intial public offering (IPO) was not to raise funds but to raise the profile of PESTECH (Cambodia), which mainly operates engineering, procurement and construction businesses in Cambodia, Myanmar and Vietnam.
Upon listing, PESTECH (Cambodia) is expected to be worth about US$60 million (RM251.85 million) in terms of market capitalisation.
Shares in PESTECH were down one sen or 1.2% to 82 sen at 4pm today, valuing the counter at RM630.54 million.