UOB Kay Hian Malaysia Research expects Malaysian equities to be energised in 1H17 by a firmer ringgit and general election buzz.
KUALA LUMPUR: Building contractor Inta Bina Group Bhd
has received Bursa Malaysia Securities Bhd’s go-ahead for its initial public offering (IPO) on the ACE Market of Bursa Securities.
It said on Monday the listing exercise will involve the issuance of 107.05 million new shares which will account for 20% of the enlarged share capital.
Of the new shares, 26.76 million shares will be offered to the public and 20.01 million shares for its eligible directors and employees.
It has also reserved 53.53 million shares for private placement to selected approved Bumiputra investors while the remaining 6.75 million shares would be placed out.
As part of its listing exercise, the existing shareholders will place out 26.76 million shares to selected investors.
Inta Bina managing director Paul Lim Ooi Joo said the IPO would provide the company with greater financial flexibility to pursue growth opportunities.
He added the listing would boost its reputation in marketing its construction services to expand its customer base in Malaysia.
Most of the proceeds from the IPO would be used mainly for day-to-day operations including the working capital for its future projects.
Part of the proceeds will also be used for capital expenditure to purchase various machinery and equipment.
Inta Bina is scheduled to be listed on the ACE Market by the second quarter of 2017.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the listing exercise.
Inta Bina has been involved in the construction indusrty for more than 25 years.
As to date, it has completed more than 110 building construction projects mainly in the Klang Valley and Johor with total contract value of more than RM2bil.
Its clients include subsidiaries of public-listed and non-public listed companies such as Eco World Development Group Bhd, Gamuda Bhd, UEM Sunrise Bhd, Mah Sing Group Bhd, Tropicana Corporation Bhd, Mitraland Group Sdn Bhd, Engtex Group Bhd, Singapore-listed Lum Chang Holdings Ltd, Paramount Corporation Bhd, Plenitude Bhd, S P Setia Bhd, Perdana ParkCity Sdn Bhd, Selangor Dredging Bhd, PJ Development Holdings Bhd and MKH Bhd.
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