KUALA LUMPUR (Jan 20): PBJV Group Sdn Bhd, which is involved in the oil and gas industry, plans a backdoor listing by taking over the financially-distressed VASTALUX ENERGY BHD [].
Vastalux said on Friday that PBJV’s controlling shareholder Nik Hamdan Daud had signed an agreement on Thursday for the corporate restructuring scheme.
Vastalux said PBJV is involved in the upstream development of the O&G gas industry such as pipeline pre-commissioning, operation support, offshore CONSTRUCTION [] and installation, fabrication and construction.
The scheme would involve a proposed scheme of arrangement with Vastalux’s shareholders followed by the setting up of a new company (NewCo) to take over PBJV and Vastalux.
This would then involve the transfer of Vastalux’s listing status to the NewCo.
However, the restructuring would hinge on the approvals of the regulators, Vastalux shareholders and a due diligence of Vastalux and PBJV.
Vastalux said on Friday that PBJV’s controlling shareholder Nik Hamdan Daud had signed an agreement on Thursday for the corporate restructuring scheme.
Vastalux said PBJV is involved in the upstream development of the O&G gas industry such as pipeline pre-commissioning, operation support, offshore CONSTRUCTION [] and installation, fabrication and construction.
The scheme would involve a proposed scheme of arrangement with Vastalux’s shareholders followed by the setting up of a new company (NewCo) to take over PBJV and Vastalux.
This would then involve the transfer of Vastalux’s listing status to the NewCo.
However, the restructuring would hinge on the approvals of the regulators, Vastalux shareholders and a due diligence of Vastalux and PBJV.
