Wednesday, April 13, 2011

IPO ... Starshine Holdings

Yung Kong Galvanishing Industries Bhd has proposed to list Starshine Holdings Bhd and its group of companies on the ACE Market of Bursa Malaysia.

The proposed group reorganisation exercise which would make Starshine a 54.49 per cent subsidiary of Yung Kong, has yet to be completed but it is not conditional upon the proposed listing.

Upon completion of the group reorganisation and in conjunction with the proposed listing, Starshine would undertake a public issue of 85 million shares and an offer for sale of 50 million shares.

The listing and quotation would involve the company's entire enlarged issued and paid-up capital of RM45 million comprising 450 million shares. The issue price for the public issue and offer for sale will be determined later. Starshine will cease to be a subsidiary company of Yung Kong upon its listing.

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