Inta Bina gets greenlight to list on Bursa’s ACE Market
KUALA LUMPUR: Building contractor, Inta Bina Group Bhd, has received the approval of Bursa Malaysia Securities Bhd for its initial public offering (IPO) to list on the ACE Market.
Managing director Paul Lim Ooi Joo said the IPO would grant the Group greater financial flexibility in pursuing future growth opportunities.
“It will also enhance the Group’s reputation in the marketing of our construction services, expand the customer base in Malaysia, as well as retain and attract new, skilled employees in the construction industry,” said Paul in a statement yesterday.
Proceeds from the IPO would be
It will also enhance the Group’s reputation in the marketing of our construction services, expand the customer base in Malaysia, as well as retain and attract new, skilled employees in the construction industry.
used primarily for general working capital requirements and finance day-to-day operations, including working capital requirements for Inta Bina’s future projects.
Part of the proceeds will also be used for capital expenditure to purchase various machineries and equipment to support the company’s business expansion as well as replace fully depreciated equipment, the repayment of bank borrowings and defray estimated listing expenses for the IPO.
Inta Bina Group is scheduled to be listed on the ACE Market of Bursa Securities by the second quarter of 2017.
The proposed IPO would involve the issuance of 107.05 million new shares 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 eligible directors and employees, with 53.53 million reserved for private placement to selected Bumiputera investors.
The remaining 6.75 million new shares are earmarked for private placement to selected investors.
As part of its listing exercise, the existing shareholders of the company will also make an offer for sale of 26.76 million shares to selected investors by way of private placement. M&A Securities Sdn Bhd is the advisor, sponsor, underwriter and placement agent for the IPO exercise. — Bernama
Paul Lim Ooi Joo, Inta Bina Group Bhd managing director