Saliran Group inks underwriting agreement

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.