INTA BINA EYES AFFORDABLE HOUSING MART
Building contractor expects to tender for projects in the Klang Valley
INTA Bina Group Bhd plans to establish a footprint in the affordable housing segment after listing on Bursa Malaysia. The building contractor expects to tender for affordable housing projects in the Klang Valley from private housing developers under the federal and state affordable housing scheme.
Managing director Paul Lim Ooi Joo said the affordable housing segment has growth potential and was receiving favourable attention from the government and gaining traction in the local property market.
“Our strategy to construct affordable housing projects efficiently is by using aluminium system formwork. Aluminium system formwork is suitable for mass construction of buildings with repetitive designs.
“As such, our proposed acquisition of the additional aluminium system formwork can support our plan to penetrate into the affordable housing segment,” he said in a statement.
The company will spend RM5 million out of RM26.76 million raised from its initial public offering (IPO) for capital expenditure, to buy machinery and equipment as well as to replace the fully depreciated equipment within 12 to 24 months.
Inta Bina Group was listed on the ACE Market of Bursa Malaysia Securities on Thursday.
Based on its enlarged share capital of 535.26 million shares and initial public offer (IPO) price of RM0.25 per share, the company’s market capitalisation was about RM133.81 million upon listing.
M&A Securities Sdn Bhd was the adviser, sponsor, underwriter and placement agent for the IPO exercise.
(From left) Inta Bina Group Bhd executive director Chau Yik Mun, Inta Bina senior independent director Yap Yoon Kong, Inta Bina chairman Lim Pang Kiam, M&A Securities Sdn Bhd managing director of corporate finance Datuk Bill Tan, M&A Securities head of corporate finance Gary Ting, Inta Bina deputy managing director Teo Hock Choon and Inta Bina managing director Paul Lim Ooi Joo at the company’s listing ceremony on the ACE Market of Bursa Malaysia Securities on Thursday.