Vestland gets Bursa Nod to list on ACE Market

KUALA LUMPUR: Construction company Vestland Bhd has received Bursa Malaysia’s approval to list on the ACE Market.

The initial public offering of 240.8 million ordinary shares entails a public issue of 170.0 million new shares and an offer for sale of 70.8 million existing shares.

"Out of the shares allocated for the public issue, 47.2 million shares will be made available to the Malaysian public while 27.7 million shares will be allocated to eligible directors, employees, and persons who have contributed to the success of the group,” Vestland said in a statement.

The group said out of the shares allocated for the offer for sale, 47.8 million shares will be allocated to private placement to selected investors.

The remaining 95.0 million shares under the public issue and 23.0 million shares under the offer-for-sale allocation will be made available through private placements to Bumiputera investors approved by the International Trade and Industry Ministry.

Managing director Datuk Liew Foo Heen said the group aims to further solidify its footing in the construction industry by leveraging its design and building capabilities.

Vestland plans to use the IPO proceeds to supplement its working capital requirements in line with the growth in its business operations and other uses.

"We aim to provide total solutions, with a single point of contact to our customers to deliver better quality and execution for our clients.

"Our vision is to continue to build on our prospects as well as strengthen our position in the market and deliver long-term value to all our stakeholders,” he said.

Vestland is principally involved in the provision of construction services through its wholly-owned subsidiary, Vestland Resources Sdn Bhd, and is a growing Construction Industry Development Board (CIDB) Grade 7 contractor.

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