KUALA LUMPUR (Nov 22): Hong Kong-based energy services firm Unity Group Holdings International Ltd said it is planning a secondary listing in Malaysia.
Unity Group aims to boost its liquidity and valuation, as well as to expand its investor base, it said in a statement. The planned listing is also in line with the company’s presence in Malaysia and the recent partnership with a bank in the country to support local government projects, it said.
“We will have further discussions between the group and qualified professionals with regard [to] this secondary listing,” said Mansfield Wong, chairman and chief executive officer of Unity Group. “We believe the listing would further connect our business focus in Malaysia with local heritage.”
The company, currently listed on the Hong Kong Stock Exchange, did not provide a timeline or the method of listing. Bursa Malaysia allows secondary listings of foreign corporations only on the Main Market.
Among other requirements, a corporation must have the equivalent of at least RM1 billion in market capitalisation, and RM60 million in profit after tax, for the most recent financial year.
Unity Group operates in China, Malaysia, Indonesia, United Arab Emirates, and South Africa. The company provides energy management services, such as lighting and cooling systems, as well as implements solar projects, according to its website.
“The group is experiencing significant momentum in expanding business opportunities and driving stronger ESG (environmental, social, and governance) development in Malaysia,” Wong added.
Unity Group’s interest for a secondary listing in Malaysia follows that of Singapore-based Grand Venture Technology, which disclosed discussion for a similar move in September.