2 MORE SE­CURE LIST­ING GREEN LIGHT

Civil engi­neer­ing firm AHB to de­but in Main Mar­ket while build­ing con­trac­tor IBG will join ACE Mar­ket

New Straits Times - - Business -

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.

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