KUALA LUMPUR: Plytec Holding Bhd
(PLYTEC), a construction engineering solutions, services, trading and distribution of building materials company, has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market.
In conjunction with its listing, PLYTEC’s initial public offering (IPO) exercise will comprise a public issue of 106.06 million new shares, representing approximately 17.5 per cent of its enlarged issued share capital upon listing.
"30.30 million of the new shares will be made available for application by the Malaysian public while the remaining 75.76 million new shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry,” it said in a statement, today.
PLYTEC said the IPO also entailed an offer of sale for the 51.52 million existing shares, equivalent to approximately 8.5 per cent of the enlarged issued share capital of the company.
"21.21 million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of PLYTEC.
"In addition, the remaining 30.30 million shares will be made available via private placement to selected investors, It said.
Group managing director Yang Kian Lock said that while the journey towards listing continued, its unwavering dedication to excellence remained steadfast as the company diligently pursued its ongoing projects, ensuring they were executed to the utmost standards of quality and innovation.
PLYTEC said that KAF Investment Bank Berhad would be the principal adviser, sponsor, underwriter and placement agent for this IPO exercise. - Bernama
