KUALA LUMPUR: Freight and logistics firm Tri-Mode System (M) Bhd
is targeting to raise RM26.36mil from its initial public offering (IPO) at a targeted price of 61 sen a share.
The company has launched its prospectus on Wednesday and targeting to sell 43.21 million new shares.
The new shares issuance would entail an institutional offering of 30.71 million shares and the remaining 12.5 million shares are for the Malaysian public.
Tri-Mode is seeking to list on the ACE Market of Bursa Malaysia on May 11, two days after the polling day of the 14th general elections.
Its group managing director Datuk Hew Han Seng said about 58.8% of the proceeds would be used for the construction of its headquarter and distribution hub, as well as purchasing new fleets such as prime movers and trailers.
“We are targeting to start the construction by first quarter next year,” he told reporters in Wednesday after Tri-Mode’s prospectus launch.
“Going for IPO would take the company to the next level of expansion. We are also eyeing to expand into the e-commerce segment, of which we have signed with an agreement with a foreign company to use their e-commerce platform in Malaysia,” Hew said.
He added that Tri-Mode has secured a license from the Malaysian Communications and Multimedia Commission or MCMC to operate in the e-commerce space.
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