MY Digest: EquitiesTracker to raise $1.7m; Straits Inter Logistics pares stake

An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris

Malaysia-based equity investment research platform EquitiesTracker Holdings Bhd aims to raise RM7.14 million ($1.7 million) via a LEAP listing on Bursa Malaysia, while oil trading and bunkering operator Straits Inter Logistics is divesting its stake in a wholly-owned unit.

EquitiesTracker to raise $1.7m via LEAP listing

Malaysia-based equity investment research platform EquitiesTracker Holdings Bhd (ET) is seeking to raise RM7.14 million via a LEAP listing on Bursa Malaysia, it said in a statement on Wednesday. The platform received in-principle approval last week to list its shares.

ET plans to issue up to 42 million new ordinary shares representing approximately 17.1 per cent of the company’s enlarged issued share capital — at an indicative issue price of RM0.17 per share — to raise gross proceeds of RM7.14 million ($1.7 million). The company is expected to have a market capitalisation of about RM41.7 million ($10.24 million) upon listing.

Its executive director and CEO Alvin Vong said the bulk of the listing proceeds or about RM4 million ($980,000) will be used to expand and enhance the company’s digital investment research platform as well as its technology back-end support systems.

“We will also be recruiting and acquiring more talent — especially software developers to enhance our infrastructure and develop applications… The listing proceeds will allow us to increase our marketing efforts, explore expansion plans and strengthen our market position to be a key differentiator in line with our strategy,” he said.

Straits Inter Logistics pares stake

Oil trading and bunkering operator Straits Inter Logistics is divesting its stake in a wholly-owned unit to a new director at the unit, it said in a filing with Bursa Malaysia on Wednesday.

The unit, Straits Alliance Transport Sdn Bhd (SAT), will issue new shares to be partly subscribed by the new director, James Chai Yiing Jen, who has 15 years of experience in the logistics business. SAT was incorporated by Straits Inter Logistics on Aug 30, 2018, with an issued capital of RM1 million ($250,000) as the group sought to diversify into land transportation and logistics.

To rope in Chai, SAT will issue 450,000 shares, of which 15,000 will be subscribed by Straits Inter Logistics and 435,000 shares (30 per cent of the enlarged share base) by Chai for an undisclosed sum. As a director, Chai will be responsible for the overall business operations and performance of SAT.

“The aforementioned share subscription will result in the dilution of Straits’ equity interest in SAT from 100 per cent to 70 per cent,” said Straits Inter Logistics.

Chai, 40, founded transportation services provider Am Alliance Sdn Bhd in 2014 as an executive director, focusing on the provision of land transportation services particularly to construction players. He was also executive director for diesel and commercial lubricants distributor Kee Fatt Motor Works Distributor Sdn Bhd between 2004 and 2015.

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