PETALING JAYA: Pan Merchant Bhd
is seeking to list on the ACE Market of Bursa Malaysia, the company says in its draft prospectus.
The company is principally involved in the design, manufacture, assembly, delivery and commission of filters for solid liquid filtration, provision of steel works and provision of technical support services.
In its draft prospectus, the group said it intends to utilise proceeds from its initial public offering (IPO) for acquisition of machinery, equipment and tools; renovation of manufacturing plants; product development; business expansion and working capital.
“Our group’s manufacturing processes are presently carried out at Jelapang Plant 1, Jelapang Plant 2 and Lahat Plant (Perak).
“Our group intends to enhance our manufacturing capabilities by acquiring new machinery, equipment and tools and renovating our manufacturing plants.”
Pan Merchant’s IPO will entail a public issue of 232.19 million new ordinary shares.
Of this, 45.8 million new shares will be made available for application by the Malaysian public, while 14.6 million new shares will be for application by the eligible directors and employees of Pan Merchant and its subsidiaries, as well as persons who have contributed to the success of the group.
Additionally, 57.28 million new shares will be made available by way of private placement to selected investors; and 114.5 million shares will be made by way of private placement to identified bumiputra investors approved by the Investment, Trade and Industry Ministry.
There will also be an offer for sale of 18 million existing shares by way of private placement to selected investors.
Affin Hwang Investment Bank is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.
