PETALING JAYA – Australian firm Trident Capital Pty Ltd has submitted a proposal to Fitters Diversified Bhd for the latter to list its clean energy unit on the Australian Securities Exchange (ASX) via a reverse takeover.
Fitter’s wholly-owned subsidiary, FITTERS-NRG Sdn Bhd, will be taking over IFS Construction Ltd’s listing status through the proposed backdoor listing.
FITTERS-NRG is a clean energy company focusing on gasification processes and the palm oil industry.
Fitters has appointed Trident as the corporate advisor in relation to the proposed ASX listing.
On top of that, the diversified group has appointed TA Securities Holdings Bhd as the adviser for the proposed ASX listing for Bursa Malaysia’s requirements.
“The details of the proposed ASX listing shall be determined at a later date and will be announced in due course,” the company said in a filing with Bursa .
The proposal is subject to approvals or clearance from the relevant authorities in Malaysia and Australia, where applicable. It is also subject to approval of Fitter’s shareholders at an EGM to be convened, if necessary.
“There is no assurance that such approvals or clearance would be obtained or that the proposed ASX listing may occur,” the company cautioned, adding that shareholders should note that the listing of FITTERS-NRG’s shares on the ASX may or may not occur.
Before this, Fitters had proposed to list the unit on Singapore’s Catalist.
Fitters’ core businesses include Molecor Hypro PVC-O pipes, property development, renewable energy and fire services division. It started in the 1970s by providing fire protection and prevention solutions.
Its “HYDRO” PVC-O pipe plant started production in end-2014 and is set to contribute positively to the group’s top and bottomline this year. Fitters spent RM90mil to build the pipe manufacturing plant in Kuantan, Pahang.
Based on its financial year ended Dec 31, 2014 results, renewable energy and palm oil division contributed a third or RM115.78mil to its total revenue of RM347.28mil.
The largest income contributor was the construction, engineering services and property development segment.