Singaporean GasHub Plans Australia Listing

Singaporean GasHub Group plans to list on the Australian Stock Exchange via a reverse takeover of ASX-listed Raffles Capital.

Raffles will issue 150mn (72.8% of total equity of listed entity post the deal) of its shares to GasHub Group shareholders and 50mn (23.4% of total equity) shares to the public at an issue price of A$0.20/share. Following the completion of the acquisition, Raffles will change its name to GasHubUnited Holding. It plans to conduct a capital raising under a full form prospectus to raise up to A$10mn (US$10.4mn).

GasHub has two divisions, GasHubin Engineering and GasHubin Technology. GasHubin Engineering provides gas to commercial and residential users, and GasHubin Technology develops high- technology energy efficiency products.

Raffles said May 24 that the proposed acquisition will enable the GasHub Group to expand its technology and engineering businesses throughout the Asia Pacific region commencing with Australia and New Zealand.

In its present form, GasHub Group has 12 shareholders, with the largest being Lim Shao-Lin, who controls approximately 55.2% of GasHub Group’s shares. As a consequence of the proposed acquisition, if approved, and post the completion of the public offer, Lim Shao-Lin is expected to hold approximately 40.2% of the listed entity.

Shardul Sharma