Straits Energy annouces that the group is considering lisitng its 76% owned oil bunkering business TMD Energy Limited on the NYSE instead of Nasdaq as it stated in 2023.

TMDEL said it had filed its draft Form F-1 Registration Statement in June this year in relation to the proposed listing of subsidiary (i.e., the Form F-1 registration statement is required to be filed by foreign private issuer intending to be listed on a USA stock exchange) to the Stock Exchange Commission.

In order to facilitate the proposed listing of subsidiary, Straits said it had undertaken a series of reorganisation exercises ("Internal Reorganisation") as set out in section 2.1 of this announcement for the group structure of TMDEL and its subsidiaries.

Based on the indicative issue price ranging between USD3.25 – USD3.75 per Issue Share (or equivalent to RM15.19 – RM17.52 per Issue Share) the board of TMDEL and the underwriters, the Proposed IPO is expected to raise gross proceeds ranging between USD5.69 million – USD15.00 million (or equivalent to RM26.57 million – RM70.09 million).

Straits said the indicative issue price ranging between USD3.25 – USD3.75 per Issue Share was determined through negotiations between the board of TMDEL and the underwriters, having taken into consideration the prevailing market conditions, financial information of TMDEL, market valuations of comparable companies and the earning prospects of TMDEL Group.