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Pentamaster's technicians working on test equipment for the automotive and semiconductor industries.
KUALA LUMPUR: Pentamaster Corp Bhd, which seeks to list its automated solution business in Hong Kong held under holding company Pentamaster International Ltd (PIL), is selling a 7.4% stake in PIL to GEMS Opportunities Ltd Partnership for RM25.5mil.
In a filing with Bursa Malaysia, Pentamaster said it stood to gain RM19.08mil from selling the equity interest in newly-incorporated PIL to GEMS, a Singapore-based private equity fund.
Pentamaster had on Monday signed agreements to transfer its entire equity interest in three wholly-owned subsidiaries involved in the automated solution business to PIL and, afterwards, to sell 7.4% equity interest in PIL to GEMS for RM25.5mil in cash.
It said the internal reorganisation would lead to a more efficient group structure separating PCB’s existing automated solution business and its other smart control solution system business.
Besides for raising funds, Pentamaster said its proposed disposal of PIL shares to GEMS would broaden PIL’s shareholder base by exposing it to international institutional investors.
It added that GEMS’ positioning as strategic investor of PIL, coupled with fund manager GEMS Capital Pte Ltd’s extensive investment experience and network, would add value to the proposed listing.
On the use of the RM25.5mil proceeds, Pentamaster said the bulk - RM15mil - would go towards paying the listing expenses while RM7.5mil would be for repaying bank borrowings.
Read more at http://www.thestar.com.my/business/business-news/2017/07/17/pentamaster-to-gain-rm19mil-from-sale-of-7pt4pc-in-pil/#g33v34aCfpeWtZwb.99 ==============
Tuesday, 13 June 2017 | MYT 8:59 PM
Pentamaster eyes HK listing of automated solution business
Pentamaster technicians working on test equipment to be used in the automotive and semiconductor industries.
KUALA LUMPUR: Pentamaster Corp Bhd is pursuing a separate listing for its automated solution business in Hong Kong.
In a filing with Bursa Malaysia, the company said it had appointed advisers for the purpose of listing the business on the main board of the Stock Exchange of Hong Kong Ltd, including financial advisory firm Altus Capital Ltd as the sponsor.
It said the automated solution business would gain recognition and corporate stature through having its own listing status, hence allowing it to expand of its customer base.
The proposed listing is also expected to enhance efficiency by way of promoting a clearer segregation of business responsibilities and operations for Pentamaster’s existing automated solution business, thereby enabling the respective management teams to focus on opportunities specific to each of the automated solution business.
Pentamaster said the proposed exercise would also unlock shareholders’ value and provide the company and its automated solution business with a diverse fund-raising platform in the future.
The group has three operating segments:
automated equipment (its biggest revenue and profit contributor),
automated manufacturing solution, and
smart control solution system.
“Prior to the completion of the proposed listing, Pentamaster will undertake a reorganisation of its subsidiaries involved in the automated solution business and these subsidiaries will continue to remain as its subsidiaries on completion of the proposed listing,” the company said.
It said a detailed announcement would be made in due course after it had finalised and approved the structure of the proposed listing.
To facilitate the proposed listing, Pentamaster has applied to incorporate a wholly-owned subsidiary in the Cayman Islands, namely Pentamaster International Ltd (PIL), on Monday. PIL’s principal activity is that of investment holding.
Pentamaster said the board wished to highlight to its shareholders that the proposed listing was at a preliminary stage and fairly extensive preparatory work was required and that such preparatory work might involve an uncertain time frame.
“Shareholders should note that the proposed listing may or may not materialise,” it said.
The company noted that the exercise was subject to, among others, satisfactory due diligence and assessment of suitability for listing by the Hong Kong sponsor and other professional advisers, approvals being obtained from the relevant authorities in Hong Kong and Malaysia (where required), as well as the shareholders at an EGM to be convened.
In addition, the proposed listing depends on assessment of other factors such as general economic and capital market conditions.
Read more at http://www.thestar.com.my/business/business-news/2017/06/13/pentamaster-eyes-hk-listing-of-automated-solution-business/#q53CLJCbpykejAmc.99