KTI seals underwriting deal with M&A Securities

From left: KTI Landmark executive director Stella Loke, executive director Wilson Loke, managing director and CEO Gordon Loke, M&A Equity Holdings Bhd managing director Datuk Bill Tan and M&A Securities Sdn Bhd head of corporate finance Gary Ting.

KUALA LUMPUR: KTI Landmark Bhd has signed an underwriting deal with M&A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia.

In a statement, the Sabah-based integrated property developer said the initial public offering (IPO) will comprise a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI, respectively.

M&A Securities will underwrite a total of 80 million new shares made available to the Malaysian public and pink-form allocations while the remaining 80 million new shares will be placed out to bumiputra investors approved by the International Trade and Industry Ministry (Miti).

For the offer of sale, 20 million shares are reserved for private placement to bumiputra investors approved by Miti while the remaining 25 million shares will be allocated by way of private placement to selected investors.

KTI group managing director Gordon Loke said the company has a proven track record as a design-and-build contractor for Sabah’s Housing and Urban Development Board (LPPB).

“Up to 2023, we have completed projects amounting to RM1.6bil in gross development value, equivalent to 29% of all LPPB projects,” Loke said

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