KUALA LUMPUR (June 19): Water and power group Ranhill Utilities Bhd has proposed a secondary listing on the Main Board of the Singapore Exchange.

"The purpose of the proposed secondary listing is for Ranhill to access additional platform for future fundraising to finance the company's regional expansion," the group said in a filing with Bursa Malaysia.

The group, formerly known as Ranhill Holdings Bhd, has appointed CIMB Investment Bank Bhd to proceed with the submission for the secondary listing.

The group did not give any further details on the proposal, but said: "The board of directors is cognisant of the need for proper dissemination of information to the public and will release the relevant announcement on any material issue in a timely manner."

Listed on the Main Market of Bursa Malaysia in 2016, Ranhill provides water supply services and operates water and waste-water treatment plants.

It is also involved in the power sector, where it develops and operates power generation assets.

Besides Malaysia, the group also operates in China and Thailand.

For the first quarter ended March 31, 2020, Ranhill posted a lower net profit of RM18.19 million, down 14.87% from RM21.37 million a year earlier, dragged by lower revenue, which offset lower taxes and finance costs.

Quarterly revenue fell 9.08% to RM368.28 million, from RM405.05 million previously, due to lower water consumption volume and lower contribution from developers in a subsidiary.

The fall in revenue was also due to lower engineering construction revenue and reduction in electricity tariff incurred amid repayment of a power project loan.

In a statement issued after the group's annual general meeting on April 21, Ranhill president and chief executive Tan Sri Hamdan Mohamad said the group expected to return to normalcy in the second half of 2020, with a circular economy model and action-oriented sustainability forming the cornerstone of its water and power operations.

He said in the face of the Covid-19 pandemic, it is vital for the group to take stock and adopt strategies to remain resilient.

Ranhill's share price fell 1.05% or one sen to 94 sen today with 391,300 units traded. This gives the group a market capitalisation of RM1.01 billion.