PETALING JAYA: West River Bhd
is seeking to list on the ACE Market of Bursa Malaysia, according to its prospectus exposure filed on the local bourse yesterday.
The group is primarily engaged in mechanical and electrical engineering services as well as green building solutions.
It also manufacture electrical panels and distribution boards.
West River’s proposed initial public offering (IPO) will consist of a total of 71.5 million new shares, representing 20% of its enlarged share capital.
It added 17.9 million issue shares will be reserved for the public, with 8.9 million shares made available to public investors and 8.9 million for bumiputra public investors. Another 8.9 million new shares will be reserved for its eligible directors and employees under the Pink Form Allocation.
There will be a private placement of 44.7 million issue shares for bumiputra investors approved by the Investment, Trade and Industry Ministry.
Some 35.8 million shares will be sold to selected investors via an offer for sale move by existing shareholders.
In a statement, West River said it plans to list to enable it to tap into the equity capital market for future fundraising and to provide it with the financial flexibility to pursue future growth opportunities as and when they arise, as well as to to gain recognition through the listing status to enhance its reputation in the field.
Neither the IPO date nor the share price has been revealed in the exposure as of yet. M&A Securities has been named as the principal adviser, sponsor, underwriter and placement agent.
