AME signs underwriting agreement for Main Market listing

KUALA LUMPUR:

Industrial space solutions provider AME Elite Consortium Bhd is a step closer to listing on Bursa Malaysia’s Main Market.

AME yesterday signed a retail underwriting agreement with CIMB Investment Bank and RHB Investment Bank for its proposed initial public offering (IPO).

AME is issuing 85.4 million new shares to the public, which represent 20 per cent of its enlarged share base of 427.1 million shares.

The proceeds from the IPO will be used primarily for capital expenditure and working capital and to cover listing expenses, said AME in a statement.

Of the 85.4 million new shares, 8.5 million shares will be made available to the public via ballot, while 8.5 million shares will be open to application by eligible directors and employees.

Meanwhile, 19.2 million shares will be allocated for Malaysian institutional and selected investors, and 49.1 million shares will be for Bumiputera investors approved by the International Trade and Industry Ministry.

There will also be an offer for sale of 42.7 million existing shares to Malaysian institutional and selected investors.

AME expects to be listed in the fourth quarter of this year.

Established in 1995, AME provides end-to-end industrial space solutions encompassing the design-and-build of large plants, development of industrial parks as well as the sale and lease of industrial factory units.

AME’s clientele is from diverse sectors such as aerospace, automotive, electronics, logistics, consumer and food.

These activities are supported by AME’s in-house engineering and construction capabilities, including mechanical and electrical engineering, and industrialised building system involving steel structure and pre-cast concrete fabrication.

AME also has a property investment arm consisting of rental of industrial properties and management of workers’ dormitories within its industrial parks.

The company has completed around 200 industrial buildings and manufacturing plants, and has served a clientele of renowned multinational and domestic companies.

AME has also completed the construction of three industrial parks in Johor, namely i-Park @ SiLC, i-Park @ Indahpura (Phase 1 and 2), and District 6.

It is building i-Park @ Senai Airport City in Johor.

CIMB Investment Bank chief executive officer Jeffri M. Hashim (second from left) and AME Elite Consortium Bhd group managing director Kelvin Lee Chai exchanging documents after the signing of a retail underwriting agreement for a proposed initial public offering in Kuala Lumpur yesterday. With them are RHB Investment Bank executive director and capital markets head Jaimie Sia Zui Keng (left) and AME executive director Simon Lee Sai Boon (right).