PETALING JAYA: SPB Development Bhd has received approval from the Securities Commission Malaysia for its listing on the Main Market of Bursa Malaysia Securities Bhd.
In conjunction with its listing, the property development firm said it will undertake an initial public offering (IPO) of 278.40 million ordinary shares comprising a public issue of 191.1 million new ordinary shares and an offer for sale of 87.3 million existing ordinary shares.
Out of 278.40 million IPO shares, 231.40 million shares will be made available to institutional and selected investors as well as Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Meanwhile, the balance of the 47 million shares will be made available to the Malaysian public via balloting and eligible employees and persons who have contributed to the success of the group.
Hong Leong Investment Bank Bhd is the principal adviser, bookrunner and underwriter for the IPO.
