Gagasan Nadi signs underwriting agreement

KUALA LUMPUR: Gagasan Nadi Cergas Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed initial public offerings ( IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

This followed Gagasan Nadi having obtained the approval from Bursa Malaysia to list on the ACE Market, the group said in a statement yesterday.

Group managing director Wan Azman Wan Kamal said with the signing of the underwriting agreement, the company is moving a step closer to its IPO journey that is poised to move the group into the next stage of growth.

“Our extensive track record of 19 years in building notable developments across Malaysia has given us a reputation of consistently delivering quality and sizeable projects.

“This has allowed us to build good and enduring business relationships with our customers in the construction industry, which we operate in,” he added.

Gagasan Nadi’s IPO entails a public issue of 140 million new shares and offer for sale of 60 million existing shares, representing 26.6 per cent of the group’s enlarged share capital.

Out of the 140 million new shares, 20.0 million shares will be for application by the public and 20 million shares for application by eligible directors, employees and persons who have contributed to the success of the group.

The remaining 100 million shares under the public issue are allocated for private placement to identified investors.

Meanwhile, 60 million shares are existing shares to be offered pursuant to the offer for sale made available for application by way of private placement to identified investors. —