Pelangi eyes China, Indon ventures

Pelangi Publishing Group Bhd plans to venture into China and Indonesia as part of its efforts to increase overseas earnings. 

“Internationally, we will be forming strategic partnerships with publishers in China and Indonesia. Further on, more partnerships will be formed with publishers from other countries. 

“Pelangi books are also translated into many foreign languages and sold internationally. This will increase substantially our sales of rights and books overseas, and also raise our co-printing jobs,” executive chairman and managing director Sum Kown Cheek said in Kuala Lumpur yesterday. 

Speaking after an underwriting agreement signing with AmMerchant Bank Bhd for its initial public offering (IPO), Sum said that currently, overseas business contributed 5% to Pelangi's revenue, but declined to elaborate. 

Pelangi has 20% to 25% share of the book publishing market in the country, placing it among the top three. 

It is also printing a wide range of educational and children's books as well as producing multimedia educational products. 

In conjunction with its proposed listing on the MSEB second board, the company is making a public issue of 12 million 50 sen shares at an issue price of 75 sen each. 

Of the total, 5.3 million shares will be reserved for eligible employees, directors and business associates, 6 million shares for applications by the Malaysian public and 700,000 shares for bumiputra investors. 

Another 24 million shares made available under an offer for sale have been reserved for bumiputra investors to be approved by International Trade and Industry Ministry.  

“We are waiting for clearance and expect to issue the prospectus next month,” said AmMerchant Bank Bhd director of corporate finance Pushpa Rajadurai. AmMerchant Bank is the adviser, managing underwriter, underwriter and placement agent for the IPO. – Bernama  

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