Aurora Italia seeks to withdraw from LEAP Market, eyes ACE Market listing

TheEdge Fri, Jun 10, 2022 06:14pm - 2 months View Original


KUALA LUMPUR (June 10): Home-grown premium jewellery distributor Aurora Italia International Bhd is seeking to withdraw its listing from the LEAP Market of Bursa Malaysia.

The group, which was listed on the LEAP Market in July 2020, said the rationale for the proposed withdrawal is to facilitate the proposed listing of and quotation for the entire issued share capital of the company on the ACE Market.

“This is to accord the company access to a bigger fundraising platform to support its expansion plan, in order to realise its long-term growth potential. 

“It is also expected to increase the liquidity of the company’s shares by allowing a larger number of investors to engage in the buying and selling of the company’s shares, upon the proposed ACE listing.

“In addition, the proposed ACE listing will also promote the corporate image of Aurora and its subsidiaries, leading to greater recognition and confidence to customers, business partners, bankers, employees and shareholders,” it said in a filing with Bursa Malaysia on Friday (June 10).

M&A Securities has been appointed to prepare the circular to shareholders and the required applications to the relevant authorities in compliance with the regulatory requirements pertaining to the proposed withdrawal of listing, which is expected to be completed by the third quarter of the year. 

Aurora’s last traded price was 22 sen, against its listing placement price of 10 sen per share.

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