PETALING JAYA: Main Market-bound Gabungan AQRS Bhd yesterday announced it had decided to postpone its initial public offering prospectus launch, which would have marked the opening of subscriptions for its public issue shares, to a later date.
In a statement, the integrated engineering and construction service provider said the decision was made in view of the volatility of global stock markets in recent weeks. It said it had already informed the Securities Commission (SC) of the decision.
According to Gabungan AQRS CEO Alvin Ng, the company would re-submit its application for the registration of its prospectus to the SC when the market outlook became more conducive.
Gabungan AQRS was supposed to make its debut on the market by next month, with a public issue of 62 million new ordinary shares with a par value of 25 sen each and an offer for sale of 30 million ordinary shares with a par value of 25 sen each.