UOA gears up for IPO

KUALA LUMPUR: Soon-to-be listed property developer UOA Development Bhd signed a retail underwriting agreement with its underwriters, ahead of its initial public offering (IPO) on the Main Market of Bursa Malaysia next month.

The underwriters for the IPO were CIMB Investment Bank Bhd, RHB Investment Bank Bhd, OSK Investment Bank Bhd, HwangDBS Investment Bank Bhd and Hong Leong Investment Bank Bhd, it said in a statement.

UOA has received approval from the Securities Commission for the proposed listing of its entire enlarged issued and paid-up share capital of up to 1.2 billion 5 sen shares.

The IPO consists of an institutional offering of up to of 337 million shares to Malaysian and foreign institutional and selected investors (including bumiputra investors approved by the International Trade and Industry Ministry) and a retail offering of 70 million shares to the Malaysian public, eligible directors and employees of UOA Development, its subsidiaries and persons who have contributed to the success of UOA and its subsidiaries.

UOA Development through its subsidiaries and associated company is involved in property development, construction and property investment. Its development projects are in matured and prime locations, centralised within the Klang Valley.

As at Dec 31, 2010, UOA Development has a total saleable and lettable area of more than 300,000 sq m of properties under development with an estimated gross development value (GDV) of RM2bil to be completed over the next three years.

The company has a further total potential saleable and lettable area of more than 1.2 million sq m being held for future development projects with an estimated GDV in excess of RM8bil.