KUALA LUMPUR (March 13): AppAsia Bhd plans to inject four subsidiaries into AppAsia Ltd (AL), which it intends to list on the Australian Securities Exchange (ASX). The four wholly-owned subsidiaries are: directly held AppAsia Studio Sdn Bhd, AppAsia Mall Sdn Bhd and AppAsia International Sdn Bhd, and indirectly held AppAsia International Pty Ltd. AL was incorporated to act as the holding company of the subsidiaries for the Australian listing, which it proposed last November. Post-IPO, Tan may hold between 9.04% and 9.96% in AL, Yap may have 7.23% to 7.97%, while Chin may get between 6.32% and 6.96%. In a bourse filing today, AppAsia said the exercise will consolidate its online business and improve operational efficiency.

Source: The Edge Markets March 13, 2017 14:57 UTC