KUALA LUMPUR: PUC Bhd's associate, imagery capture and distribution platforms service provider Pictureworks International Holdings Limited has filed for a listing on Nasdaq.
In a filing with Bursa Malaysia, PUC said the listing is part of Pictureworks' plan to enhance its global visibility and unlock shareholder value.
"The company has been informed that Pictureworks is currently in the process of meeting the necessary regulatory requirements for the listing, which remains subject to the approval of the relevant authorities and compliance with all applicable regulations," it said.
PUC holds a 27.53 per cent stake in Pictureworks.
It said that any material change to the valuation of the PUC's equity interest in Pictureworks, arising from the listing, will be reflected in the company's future financial statements.
"At this juncture, the listing is not expected to have an immediate operational impact on PUC's core business activities.
However, the board believes the potential value creation from Pictureworks' listing may provide future financial benefits to PUC.
In a separate filing, the company said Lau Pak Lam Cocoaland Bhd's co-founder has ceased to be a substantial shareholder in the company via a direct deal.
At the same time Pantop Corp president and chief executive officer Datuk Seri Ting Teck Sheng emerged as a substantial shareholder in the company with a 5.037 stake.
PUC's share price closed unchanged at 4.5 sen with a market capitalisation of RM112.56 million.