PETALING JAYA: In a surprise move, OSK Holdings Bhd has aborted the proposed listing of its indirect subsidiary OCC Cables Ltd on the Hong Kong Stock Exchange, a day after its public offer closed.
OSK said in a filing with the stock exchange that in view of the current adverse global market conditions, the board has resolved that the listing will not proceed as originally scheduled.
“Further announcement will be made after the board has made further deliberations.”
OCC Cables’ initial public offering (IPO) was supposed to raise HK$149 million (RM79 million) and it was scheduled to be listed next Friday.
It manufactures power cable products for power transmission and distribution systems in Malaysia and Vietnam.