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OM Holdings (ASX:OMH) share price up on news of a second listing

OM Holdings is set to be the first ASX-listed company to dual list in Malaysia.
The post OM Holdings (ASX:OMH) share price up on news of a second listing appeared first on The Motley Fool Australia. –

Shares in OM Holdings Limited (ASX: OMH) are gaining today after news the company has released the prospectus for its secondary listing in Malaysia. Near the close of trade, the OM Holdings share price was trading at 85 cents, 3.03% higher than yesterday’s closing price.

OM Holdings is a manganese ore and ferroalloy producer. It operates a manganese asset in Australia and a smelting facility in Malaysia, and also has assets in South Africa, China, and Singapore.

OM Holdings’ new listing

Today, OM Holdings announced it will list on Malaysia’s Bursa Securities Malaysia Berhad (Bersa Securities), with a “tentative” listing date of 22 June..

The company said the new listing would not involve new shares, but rather all shareholders would be able to transfer OM Holdings shares between the 2 exchanges.

OM Holdings executive chair and CEO Low Ngee Tong, along with the company’s other notable shareholders, will transfer at least 10 million of their own shares from the ASX to Bursa Securities on the day of listing. The 10 million shares represent 1.35% of Om Holdings’ issued shares.

The ASX will continue to be the company’s primary listing. The new listing will see OM Holdings become the first ASX-listed company to be dual-listed in Malaysia.

Commentary from management

Low Ngee Tong commented on the company’s secondary listing:

Through the secondary listing, we aim to broaden our investor reach and widen our investor base, and potentially increase the liquidity of our shares through separate trading platforms. It will enable us to tap into additional platforms for future fundraising and provide us with the flexibility to access different equity markets to raise funds.

We may potentially undertake fundraising from the Malaysian capital markets after the secondary listing and channel the funds towards expanding our Sarawak Plant.

OM Holdings share price snapshot

It’s been a good year on the ASX for the OM Holdings share price so far. Currently, shares in the company are up 54% year to date. They have also gained 112% since this time last year.

The company has a market capitalisation of around $609 million, with approximately 736 million shares outstanding.

The post OM Holdings (ASX:OMH) share price up on news of a second listing appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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