KUALA LUMPUR: Borneo Oil Bhd said its quoted investment, Verde Resources Inc (VRDR), has filed a registration statement with the US Securities and Exchange Commission for an underwritten public offering and has applied to list its common stock on the Nasdaq Stock Market.
As at the end of the financial year 2025, Borneo Oil holds a 13.449% equity interest in VRDR.
In a filing with Bursa Malaysia, Borneo Oil said VRDR, which is currently quoted on the OTCQB, is seeking to raise gross proceeds in the US$5mil to US$8mil range.
The Nasdaq listing, if approved, will be effective upon and subject to the completion of the fundraising exercise.
VRDR intends to use the net proceeds from the offering to accelerate strategic growth initiatives, including scaling the production and distribution of its BioAsphalt technology in North America, expanding its licensing model into new markets, and advancing research and development for low-carbon infrastructure solutions.
Borneo Oil said the application is not expected to have any material impact on its issued share capital, net assets, earnings or earnings per share for the financial year ending June 30, 2026.