Kucingko signs underwriting agreement

PETALING JAYA: Animation company Kucingko Bhd has signed an underwriting agreement with Kenanga Investment Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

In a statement, Kucingko said its IPO involves a public issue of 100 million new ordinary shares and an offer for sale of 100 million existing ordinary shares.

This represents an aggregate of 40% of the enlarged number of ordinary shares of the company.

In a statement, Kucingko executive director See Chin Joo said the funds raised from the IPO will be instrumental in scaling the company’s business through setting up a sales office in the United States, its largest market, as well as increase its production capacity by setting up branch offices in Sabah and Sarawak to tap into the talent pools in the two states.