Tuju Setia inks underwriting agreement enroute to IPO listing


KUALA LUMPUR: Tuju Setia Bhd has inked an underwriting agreement with Alliance Investment Bank Bhd (AIBB) and CIMB Investment Bank Bhd for its initial public offering (IPO) on the Main Market of Bursa Malaysia.

AIBB is the principal adviser to Tuju Setia’s IPO exercise, as well as joint underwriter and joint placement agent, together with CIMB.

“The IPO exercise entails a public issue of 80 million new shares and offer for sale of 27 million existing shares,” the construction services company said in a statement on Tuesday.

Of the 80 million new shares, 15.9 million shares will be made available for application by the Malaysian public via balloting, and 6.3 million shares will be made available for application by the group’s eligible directors, employees and persons who have contributed to the success of the group.

Meanwhile, 31.7 million shares will be made available by way of private placement to selected bumiputera investors approved by the International Trade and Industry Ministry.

The balance 26.1 million new shares, together with 27.0 million existing offer-for-sale shares, will be placed out to selected investors by way of private placement.

Tuju Setia managing director Wee Eng Kong said the listing exercise would aid in its efforts to strengthen its construction capabilities with the new funds raised, and improve its market positioning to capture opportunities in the construction of public and private projects including hospitals, as well as high-rise buildings.

The group endeavours to secure more hospital and high-rise buildings projects, leveraging on its current undertakings.

“In Budget 2020, the Government allocated RM30.6bil for healthcare services including RM1.6bil for the construction of new hospitals, together with upgrading and expansion of existing hospitals.

“At the same time, we are seeing increasing tenders for private hospitals as well,” Wee said.

He said Tuju Setia as a Grade G7 contractor registered with the Construction Industry Development Board (CIDB), the group was able to undertake projects with unlimited value.

Tuju Setia is slated to list on the Main Market of Bursa Malaysia in the second quarter of 2021.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Tuju Setia , IPO , Bursa Malaysia , listing

   

Next In Business News

Censof stages turnaround with RM26.8m net profit in FY21
Carlsberg Malaysia posts Q1 net profit of RM66.46mil
Zafrul: Keeping economy open crucial to avert unemployment
Petronas to boost digital transformation
FBM KLCI up 7.86 points to end at intraday high
GDB 1Q net profit up nearly 54% to RM8.8m
MARC affirms rating on Sinar Kamiri RM245m green sukuk
MEF: Stricter MCO in Selangor crucial but don’t impose full lockdown
Grab Malaysia introduces programme to assist small food businesses
Gold extends rally as weak dollar, inflation jitters lift appeal

Stories You'll Enjoy


Vouchers