Straits Energy's associate CBL International to be listed on Nasdaq

KUALA LUMPUR (March 23): Oil trading and bunkering service provider Straits Energy Resources Bhd said its 38%-associate CBL International Ltd has been granted in-principle approval to list on the Nasdaq Capital Market on Thursday (March 23).

In a filing with Bursa Malaysia, Straits Energy said Nasdaq had vide email dated March 20 approved in-principle the listing and registration of CBL International's shares on the Nasdaq stock market.

On Aug 29 last year, Straits Energy had announced that CBL International, an ultimate holding company of Banle International Group Ltd, was proposing a listing on the Nasdaq Capital Market via an initial public offering (IPO).

Separately, Singapore's first independent bunker publication Manifold Times reported on Wednesday (March 22) that CBL International had announced the pricing of its IPO of 3.33 million shares at a price to public of US$4 per share, which translates into a total offering size of US$13.3 million, assuming the underwriters do not exercise their over-allotment option to purchase additional shares.

The company had granted the underwriters a 45-day option to purchase up to an aggregate of 498,750 additional shares to cover over-allotments at the IPO price, less underwriting discounts. If the underwriters exercise their option to purchase the additional shares in full, the total proceeds from the offering are expected to be approximately US$15.3 million, Manifold Times reported.

Straits Energy shares closed one sen or 8.7% higher at 12.5 sen on Thursday, giving it a market capitalisation of RM117.77 million.