2 MORE SECURE LISTING GREEN LIGHT
Civil engineering firm AHB to debut in Main Market while building contractor IBG will join ACE Market
EARTHWORKS and civil engineering services company Advancecon Holdings Bhd (AHB) has obtained approval from the Securities Commission to list on the Main Market, while building contractor Inta Bina Group Bhd (IBG) received Bursa Malaysia’s nod yesterday for an ACE Market listing.
AHB plans to execute its listing exercise by the middle of the year.
“Our proposed listing on the Main Market will chart a new phase in our growth story and prepare the group to take advantage of the tremendous opportunities within the construction sector,” said AHB group chief executive officer Datuk Phum Ang Kia via email.
He said over the past 27 years, the company had successfully established a strong track record in completing projects on time and built a reputation for delivering quality earthworks and civil engineering services.
“More importantly, we transitioned from being a subcontrac- tor providing civil engineering services into one of the leading players in the earthworks and civil engineering sector in Malaysia,” he said.
IBG will also be pursuing its listing exercise by the second quarter of the year.
IBG’s initial public offering (IPO) will see an issuance of 107.05 million new shares in the company, representing 20 per cent of the enlarged share capital.
“Of the 107.05 million new shares, 26.76 million will be made available to the Malaysian public via balloting, 20.01 million for its eligible directors and employees, and 53.53 million reserved for private placement to selected Bumiputera investors approved by the International Trade and Industry Ministry.
“The remaining 6.75 million new shares will be earmarked for private placement to selected investors,” said IBG in a statement yesterday.
The existing shareholders will also make an offer for sale of 26.76 million shares to selected investors by way of private placement.
“The IPO will facilitate IBG Group with greater financial flexibility to pursue future growth opportunities.
“It will also enhance our group’s reputation in the marketing of our construction services, to better expand our customer base in Malaysia, and to retain and attract new, skilled employees in the construction industry,” said IBG managing director Paul Lim Ooi Joo.
Proceeds from the IPO will be used primarily as general working capital to finance the company’s day-to-day operations, including the working capital requirements for future projects, with a portion allocated for capital expenditure (capex) to purchase machinery and equipment for business expansion, repayment of bank borrowings and defray listing expenses.
With 25 years’ experience as a building contractor, the company counts companies like Eco World Development Group Bhd, Gamuda Bhd, UEM Sunrise Bhd, Mah Sing Group Bhd, Tropicana Corporation Bhd, Mitraland Group Sdn Bhd and Engtex Group Bhd as its clients.
Others include Singapore-listed Lum Chang Holdings Ltd, Paramount Corporation Bhd, Plenitude Bhd, SP Setia Bhd, Perdana ParkCity Sdn Bhd, Selangor Dredging Bhd, PJ Development Holdings Bhd and MKH Bhd.
Advancecon Holdings Bhd plans to execute its listing exercise by the middle of the year, while Inta Bina Group Bhd plans to enter the ACE Market by the second quarter.