Gagasan Nadi Cergas signs underwriting agreement for IPO

KUALA LUMPUR: Gagasan Nadi Cergas Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The listing of the construction, concessionaire and facilities management services provider has been approved by the stock exchange, it said in a statement on Wednesday.

For the IPO, Gagasan Nadi Cergas will issue 140 million new shares to the public and offer 60 million existing shares for private placement, which represents 26.6% of its enlarged share capital.

Out of the 140 million new shares, 20 million shares will be for application by the Malaysian public and 20 million shares for application by eligible directors, employees and persons who have contributed to the success of the Gagasan Nadi Cergas group. 

The remaining 100 million shares under the public issue are allocated for private placement to identified investors.

"Our extensive track record of 19 years in building notable developments across Malaysia have amassed us with a reputation of consistently delivering quality and sizeable projects. 

"This has allowed us to build good and enduring business relationships with our customers in the construction industry, which we operate in," said Wan Azman Wan Kamal, group managing director of Gagasan Nadi Cergas.

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