PETALING JAYA: SumiSaujana Group Bhd
has signed an underwriting agreement with RHB Investment Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market.
The oil and gas speciality chemicals manufacturer said in a statement that its IPO involved 310 million new shares and up to 90 million existing shares, making up 27.71% of its enlarged share capital.
SumiSaujana said a total of 72.5 million shares, equally split between bumiputra and non-bumiputra investors, have been allocated to the Malaysian public via balloting, representing 5.02% of the enlarged issued share capital.
Additionally, 24.4 million shares, or 1.69% of the enlarged issued share capital, have been set aside for eligible directors, employees, and contributors to SumiSaujana’s success.
For private placements, 122.6 million shares have been allocated to identified institutional and selected investors.
Another 90.5 million shares or 6.27% have been reserved for identified bumiputra investors approved by the Investment, Trade and Industry Ministry (Miti).
Furthermore, under the offer for sale, 90 million shares or 6.23% will be placed with identified bumiputra investors approved by Miti.
RHB Investment Bank, acting as the principal adviser, sponsor, sole underwriter, and sole placement agent, will underwrite 96.9 million issue shares allocated for the Malaysian public and eligible individuals.
SumiSaujana executive director and chief executive officer Norazlam Norbi said the partnership with RHB Investment Bank was an important step in the company’s journey to becoming a leader in the global speciality chemicals industry.
“The IPO proceeds will allow us to enhance our manufacturing capacity, expand our research and development capabilities, and explore new markets internationally,” he said.
