MST Golf Group inks IPO underwriting agreement

Ng said the IPO will help to accelerate the company's retail penetration in other golf markets in South-East Asia.

PETALING JAYA: MST Golf Group Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for its proposed initial public offering (IPO) and listing on Bursa Malaysia’s Main Market in the third quarter of 2023 with the prospectus to be launched by end-June.

In a statement yesterday, Malaysia’s largest golf retail chain said the IPO entails an offering of 228 million ordinary shares, comprising a public issue of 160 million new shares and an offer for sale of up to 68 million existing shares.

There is an institutional offering of up to 178.6 million shares for identified institutional and selected investors, including bumiputra investors approved by the Investment, Trade and Industry Ministry, the statement said.

There will also be a retail offering of 49.4 million issue shares for the Malaysian public, independent non-executive directors and eligible employees who have contributed to the group’s success.

MST Golf executive director and group chief executive officer Ng Yap said that the IPO will help to accelerate the retail penetration in other golf markets in South-East Asia, starting with Indonesia, Thailand and Vietnam. It owns and operates 42 retail outlets comprising 35 in Malaysia and seven in Singapore.

RHB Investment Bank will underwrite the 41.5 million shares made available for the Malaysian public under the retail offering tranche. The investment bank is the principal adviser, sole underwriter and sole placement agent for the exercise. —Bernama

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