KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved PMW International Bhd
(PMW) ACE Market listing.
A PMW statement said in conjunction with its listing, the manufacturer of pre-stressed spun concrete poles, piles and related concrete products will undertake an initial public offering (IPO) exercise entailing a public issue of 178.41 million new ordinary shares and an offer for sale of 89.21 million existing ordinary shares.
Of the 178.41 million public issue shares, 44.60 million will be made available to the Malaysian public via balloting and 22.30 million public issue shares to eligible directors, employees and persons who have contributed to the success of PMW and its subsidiaries.
Meanwhile, 111.51 million public issue shares will be made available to bumiputera investors approved by the Investment, Trade and Industry Ministry. The 89.21 million shares under the offer for sale will be made available to selected investors by way of private placement.
Executive director and chief executive officer Lee Hon Hwa said the IPO proceeds will enable the company to venture into the Sarawak market by constructing a new plant in Tanjung Manis, Sarawak and invest in new technology to meet the anticipated demand growth for infrastructure development locally and internationally.
KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO. - Bernama
