Ikhmas Jaya to invest RM32mil of IPO proceeds for new machinery

KUALA LUMPUR: Ikhmas Jaya Group Bhd plans to invest approximately RM32mil of its initial public offering (IPO) proceeds to purchase new construction equipment. 

Managing director Datuk Ang Cheng Siong said on Tuesday the investment would help the company leverage on many opportunities within the piling and construction industry. 

"Being listed will provide the company with a stronger platform to enhance our business and build a stronger corporate identity," he said at the company's prospectus launch. 

Ikhmas Jaya plans to invest about RM32mil of its IPO entails a public issue of 182 million shares of 25 sen each. The company intends to list on the Main Market of Bursa Malaysia on July 27. 

AmInvestment Bank is the adviser, sponsor, underwriter and placement agent for the IPO. 

Since its establishment in 1992, the company has completed projects for both the public and private sectors with a total contract value of RM1.7bil. 

Among its projects include the Putra and Prai bridges, Klang Valley Mass Rapid Transit-Kajang line, Kelana Jaya Light Rail Transit extension, Paradigm Mall and KL Eco City.