PETALING JAYA: Construction company TCS Group Bhd plans to raise about RM20.70mil from the issuance of 90 million new shares at 23 sen each en route to its listing on the ACE Market.
It said under the IPO, the 90 million new shares would represent 25% of the group’s enlarged total number of shares, as well as an offer for sale of up to 18.0 million shares.
TCS Group said the 90 million new shares include up to 10.8 million shares for the public via balloting (with at least 5.4 million set aside for bumiputra investors); up to 7.2 million shares for eligible directors, employees and persons.
It added that up to 32.4 million shares would be placed out to institutional and selected investors and the remaining 39.6 million shares to be placed out to approved bumiputra investors.
Applications for the public issue are open from yesterday and will close on July 10. The group is scheduled to be listed on July 23,2020.
Upon listing, TCS Group will have a market capitalisation of RM82.8mil based on the issue price of 23 sen and its enlarged total number of issued shares of 360 million shares.
Speaking at the launch of the prospectus, TCS Group managing director Datuk Tee Chai Seng said the listing exercise would enable it to “further strengthen our foothold in the construction industry as it enables us to gain access into the capital markets to fuel our expansion plans.”
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