ACE Market-bound BWYS aims to raise RM56.4mil from IPO

From left: BWYS Group Bhd executive director Kang Yi Ki, BWYS managing director Kang Beng Hai, BWYS independent non-executive chairman Datuk Saidi Ismail, M & A Securities Sdn Bhd managing director Datuk Bill Tan and M & A Securities deputy head of corporate finance Danny Wong.

KUALA LUMPUR: BWYS Group Bhd aims to raise RM56.4 million from its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The sheet metal products manufacturer and scaffoldings supplier said the IPO, scheduled for July 22, comprises a public issuance of 256.3 million new ordinary shares, representing 25 per cent of its enlarged share capital, as well as an offer for sale of 100 million existing shares, or 9.8 per cent of its enlarged share capital, by way of private placement to selected investors.