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Saturday, January 11, 2014

Fitters Diversified seeks to list renewable energy unit in Singapore


It said on Friday FNRG appointed PrimePartners Corporate Finance Pte Ltd in Singapore as the full sponsor in relation to the proposed listing and the continuing sponsor upon the completion of the proposed listing.
FNRG has also appointed UOB Kay Hian Private Ltd in Singapore as the arranger, underwriter and placement agent in relation to the proposed listing.
Fitters appointed TA Securities Holdings Bhd as adviser to Fitters for the proposed listing in relation to the Main Market Listing Requirements of Bursa Malaysia Securities.
“The details of the proposed listing shall be determined at a later date and will be announced in due course,” it said.
To recap, FNRG develops renewable, alternative and waste-to-energy projects primarily under build-own-operate and also build-own-operate and transfer.
FNRG is involved in the biomass to renewable energy-distributed generation and combined heat and power projects. This includes biomass gasification for rural electrification, captive power and grid-connected plants with capacities up to 4 Mwe and also conventional steam cycle power plants apply for larger capacity projects.
It is also involved in waste to energy; sustainable crude palm oil mills; empty fruit bunch processing into revenue-producing products; integrated total solution for solid waste and effluent management at palm oil mills.
Fitters also pointed out the proposed listing of FNRG was subject to, inter alia, approvals or clearance from the stock exchanges and shareholders.
“There is no assurance that such approvals or clearance would be obtained or that the proposed listing may occur. Therefore, investors should note that the listing of FNRG’s shares on Catalist may or may not occur,” it added.

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