From left: Saliran Group Bhd executive director Chan Koon Wai, Saliran Group managing director Liaw Choon Wei, Malacca Securities Sdn Bhd managing director Lim Chia Wei and Malacca Securities co-head of corporate finance Jason Chan.
PETALING JAYA: Saliran Group Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a filing with Bursa Malaysia, the supplier and distributor of pipes, fittings and flanges said the IPO involves the issuance of 80.4 million new shares, which accounts for 21% of the company’s enlarged issued share capital of 382.9 million shares, alongside an offer for sale of 38.3 million shares, representing 10% of the enlarged issued share capital.
The company said 19.15 million shares or 5% of the company’s enlarged issued share capital will be for the Malaysian public, with 2.5% for public investors and the remaining half of 2.5% reserved for bumiputra public investors.
The company is scheduled to be listed by March 2025, with Malacca Securities as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
