Pan United proposes to de-merge & list port business; plans rights issue to raise $61 mil

SINGAPORE (May 3): Pan United Corporation has announced its intention to de-merge its wholly-owned holding company of its ports business, Xinghua Port Holdings, and subsequently apply for the listing of Xinghua on the Hong Kong Stock Exchange (HKSE).

In a press release issued less than an hour after the announcement of its 1Q17 results on Wednesday, the cement and ready-mixed concrete (RMC) supplier shares that its proposed de-merger will see the establishment of two “pure play” companies.

See: Pan United sees 1Q earnings decline 19% to $3.1 mil on lower revenue

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