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BToto on track to list subsidiary on SGX at end-November

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BToto on track to list subsidiary on SGX at end-November Empty BToto on track to list subsidiary on SGX at end-November

Post by Cals Sun 20 Oct 2013, 19:08

Published: Saturday October 19, 2013 MYT 12:00:00 AM 
Updated: Saturday October 19, 2013 MYT 7:23:06 AM

BToto on track to list subsidiary on SGX at end-November
BY WONG WEI-SHEN

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) is on track to list its subsidiary, Sports Toto Malaysia Sdn Bhd, as a business trust on the Singapore Stock Exchange (SGX) at the end of next month.
“All approvals have been obtained,” BToto executive director Freddie Pang said in an email reply to StarBizWeek.
On Wednesday, the company announced to Bursa Malaysia that it had received a new conditional eligibility-to-list (ETL) letter from Singapore Exchange Securities Trading Ltd on the listing of Sports Toto Malaysia Trust (STM-Trust).
The Monetary Authority of Singapore also gave BToto the green light to proceed with the lodgement of its prospectus for the proposed listing.
The letter, which is valid for three months from Oct 14, requires the company to include in the prospectus a valuation report of not more than six months from Sept 27.
Another condition is to set a minimum issue price of 50 Singapore cents for the initial public offering (IPO) of the trust.
BToto had last month proposed to undertake a dividend-in-specie exercise of up to 2.81 billion units. The dividend-in-specie will be distributed to BToto shareholders on the basis of 21 STM-Trust units for every 10 BToto shares held.
“With the listing of STM-Trust, BToto would be able to give back to its shareholders an interest in a pure gaming entity in the form of the dividend-in-specie,” Pang said.
The dividend-in-specie can only take place once the company has obtained approvals from the Securities Commission and Bursa for a secondary listing on the main market here.
“It can only happen after the initial six-month moratorium period.
“Assuming a listing on the SGX at end-November, this will take us to mid-2014 for the secondary listing to happen,” Pang said.
It also reduced the offer size of the trust, from 540 million to 190 million units, while the size of the public issue is unchanged at 460 million units.
“The total offering has therefore been lowered from one billion units to 650 million units, representing 13.5%, compared with 20.5% previously, of the enlarged 4.83 billion units,” Alliance Research analyst Cheah King Yoong said in a note.
Even with the offer size reduced, it is still above the 12% free float requirement by SGX.
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