KUALA LUMPUR (April 25): Pantech Group Holdings Bhd is considering to list two wholly-owned subsidiaries — Pantech Stainless & Alloy Industries Sdn Bhd and Pantech Steel Industries Sdn Bhd — on the Main Market of Bursa Malaysia via a special purpose vehicle (SPV).
Plans for this are still at the preliminary stage and extensive preparatory work needs to be carried out, Pantech said in a bourse filing on Thursday.
"Therefore, the details in relation to the proposed listing have yet to be determined at this stage," Pantech said.
The proposed listing is also subject to approvals being obtained from the relevant authorities and its shareholders, it said. "It is essential for shareholders to note that the proposed Listing may or may not be realised as there is no guarantee that the required approvals would be obtained or the proposed listing will proceed," it added.
Pantech Stainless & Alloy specialises in producing high quality stainless steel welded pipes and butt-weld fittings, according to Pantech's website.
Established in 2010, the group said its products have been exported to more than 26 countries to date, and are widely accepted by the oil and gas, refineries, water treatment, pulp and paper, pharmaceutical, chemical and petrochemical industries.
Meanwhile, Pantech Steel manufactures carbon steel butt welded fittings, pipe fittings and high frequency induction long bends for the oil and gas industry, marine and shipyard, petrochemical and power plant.
Incorporated in 2000, it operates its own factory and warehouse in Meru, Klang with a built-up area of more than 32,000 sq m.
As a group, Pantech’s net profit dropped 16.85% to RM76.55 million for the nine months ended Nov 30, 2024 (9MFY2024) from RM92.06 million in the previous year's corresponding period, as revenue fell 14.71% to RM716.95 million from RM840.6 million.
Pantech shares closed one sen or 0.97% higher at RM1.04 on Thursday, giving the group a market capitalisation of RM886.31 million. Over the past year, the counter has risen 26 sen, or 33.33%.
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