PETALING JAYA: OSK Holdings Bhd has decided to permanently abort its plans to list indirect subsidiary OCC Cables Ltd on the back of continuous adverse global market conditions.
OCC Cable was supposed to be listed on the Hong Kong Stock Exchange last October. However, the listing plan was put on hold a day after its public offer closed.
“Save for approximately RM12.1 million costs in relation to the listing, which will be expensed off to the consolidated statements of comprehensive income for the financial year ending Dec 31, 2018, the abortion of the listing is not expected to have any material impact on the consolidated earnings per share and net assets per share of the company for the financial year ending Dec 31, 2018,” OSK told Bursa Malaysia today.
OCC Cables’ initial public offering (IPO) was targeted to raise HK$149 million (RM79 million).