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DFI to list in Hong Kong

Singapore-based travel and duty free retailer Duty Free International (DFI) is seeking to list on the Hong Kong stock exchange.

DFI is Malaysia’s largest duty free operator, runs 36 stores, including those under the Zon Duty-free brand throughout the country, including new facilities at the recently opened KLIA2 airport outside Kuala Lumpur.

The company has concessions selling chocolates, fragrances, liquor and tobacco products, gifts and Malaysian souvenirs.

It has stores in Bukit Kayu Hitam, Padang Besar, Pengkalan Hulu, Langkawi, Rantau Panjang, Penang International Airport, Tioman Airport, KLIA, Melaka Airport and Johor Bahru.

The company also owns the 18-hole Black Forest Golf & Country Club.

Hong Kong stock exchange rules require at least 25 per cent of a company’s capital to be traded publicly, and DFI does not meet this condition currently, meaning it will have to issue more shares or existing controlling shareholders will have to divest some of their stake.

In a statement, Atlan Holdings said the directors believe it is desirable and beneficial for the company to have dual primary listing status in both Singapore and Hong Kong so that the company can tap readily into two of Asia’s most dynamic equity markets when the opportunity arises.

“Furthermore, the proposed Hong Kong dual listing will widen the investor base of the company so that the company may benefit from its exposure to a wider range of private and institutional investors, and is expected to increase trading liquidity of the ordinary issued shares in the capital of the company.”

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