HI Mobility inks underwriting agreement

From left: HI Mobility Bhd independent non-executive chairman Raja Datuk Zaharaton Raja Zainal Abidin, executive director and chief executive officer Lim Chern Chuen, Maybank Investment Bank Bhd chief executive director Michael Oh-Lau and Maybank IB deputy chief executive officer Tengku Ariff Azhar Tengku Mohamed.

PETALING JAYA: HI Mobility Bhd has signed a retail underwriting agreement with Maybank Investment Bank Bhd, the principal adviser, sole placement agent and sole underwriter, in conjunction with its upcoming initial public offering (IPO) and listing on the Main Market of Bursa Malaysia Securities Bhd.

In a statement, the bus transportation services provider said its IPO comprises a public issue of 95 million new shares, equivalent to 19% of the enlarged issued share capital.

“The issue shares involve an offering of 10 million shares for application by the Malaysian public; another five million shares will be made available for application by the group’s eligible employees and persons who have contributed to the success of the group.

Meanwhile, 47.5 million issue shares will be for application by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

While an offering of 32.5 million shares will be made available for application by way of private placement to institutional and selected investors.