Inta Bina, Advancecon get Bursa’s nod to list

PETALING JAYA: Two more construction companies – Inta Bina Group Bhd and Advancecon Holdings Bhd – are making their way for listings on Bursa Malaysia amid uncertain economic conditions.

Year to date, four companies have been listed on the local market, namely HLT Global Bhd, Matang Bhd, KIP Real Estate Investment Trust and Serba Dinamik Holdings Bhd. Eco World International Bhd is scheduled to be listed next Monday.

Inta Bina, which is involved in building construction activity, is expected to list on the Ace Market by the second quarter of the year.

Meanwhile, Advancecon, which is slated for listing by the middle of 2017, will be heading for the Main Market. The company is engaged in the provision of earthworks and civil engineering services in Malaysia, as well as related support services such as sale of construction materials, hiring of machinery and ad hoc general construction services.

Proceeds from Inta Bina’s IPO will be used primarily for general working capital requirements, which will be utilised to finance its day-to-day operations, including the working capital requirements for its future projects.

M&A Securities Sdn Bhd has been appointed as the adviser, sponsor, underwriter and placement agent for the IPO exercise.

Advancecon, which was founded in 1990, has undertaken earthworks and civil engineering works for notable projects nationwide, including various township developments such as Setia EcoHill, Setia Eco Gardens, Eco Majestic and Tropicana Aman, as well as infrastructure projects like the Trumpet Interchange and Ecohill link at Lekas Highway.

RHB Investment Bank Bhd is the principal adviser, underwriter and placement agent for Advancecon’s initial public offering exercise.