Manganese ore and ferroalloy company OM Holdings (ASX:OMH)
is set to become a dual-listed company, following the green lights from Malaysian authorities.
The Securities Commission Malaysia and Bursa Malaysia Securities Berhad have officially granted approval to the Singapore-based raw ores producer for its listing on the Malaysian stock exchange.
Bursa Malaysia will become the secondary stock market for OM Holdings, as the ASX-listed company floats its shares in Kuala Lumpur.
Malaysian investors will have access to securities of the future dual-listed firm, as the company adopts the secondary ticker code of KLSE:OMH.
OMH Chief Executive Low Ngee Tong justified the move, “With increasing urbanisation and growth, we are confident of the long-term fundamentals for steel making in this region and believe demand to be strong.”
OM Holdings’ incorporation into the Malaysian bourse will take the form of an introduction, as the ferroalloys processing and marketing specialist does not intend to issue new shares.
The $565 million company will maintain its position on the Australian Stock Exchange as its primary listing. OM Holdings’ secondary listing will mark the first successful ASX-Bursa Securities cross-listing exercise.
Shares in OM Holdings are trading 1.9 per cent lower at $0.76