AME ELITE POISED TO EXPAND BEYOND JOHOR
Company wants to replicate its industrial park model in cities nationwide
AME Elite Consortium Bhd (AME) is ready to expand beyond it home state of Johor and aims to replicate its industrial park business model in other states in Malaysia.
Group managing director Kelvin Lee Chai said it was the right time to bring its district brand, i-Parks, to cities nationwide and support the country’s increasing foreign and domestic investments.
“In August this year, we acquired 30.75ha land to build the third phase of i-Park@Senai Airport City following the strong demand for Phase 1 and 2.
“We intend to start construction of the third phase in the first quarter of next year, and estimate to complete it by 2025,” he said at the company’s prospectus launch, here, yesterday.
AME, which is en route for a listing on Bursa Malaysia’s Main Market in the fourth quarter, provides end-to-end industrial space solutions, encompassing design and build of large plants, development of industrial parks, as well as the sale and lease of industrial factory units.
Lee said more than 60 per cent of the IPO proceeds would be used to acquire suitable land in strategic locations for future industrial parks and explore joint ventures to develop and invest in industrial land.
In addition, he said Axis AME IP Sdn Bhd, a 50:50 joint venture between AME and Axis Group, is developing the third phase of iPark@Indahpura, which is slated to completed by 2023.
Lee said the proposed listing was the culmination of AME’s track record in undertaking design and building projects for large manufacturing plants and industrial buildings in Malaysia.
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 upon conclusion of the listing on Bursa Malaysia.
In addition to the public issuance, 42.7 million existing shares will be offered to local institutions and selected investors.
AME plans to raise RM111.1 million from the IPO, of which RM69.1 million will be allocated for future industrial property development and investment projects, including land acquisitions and joint ventures, within 36 months from listing.