From left: Lee Khim Haw, executive director and chief business development officer of PMW International; Lee Hon Hwa, executive director and CEO; Rohaizad Ismail, CEO of KAF Investment Bank; and Azmi Hariss Ibrahim, director of corporate finance
KUALA LUMPUR: PMW International Bhd
has inked an underwriting agreement with KAF Investment Bank Bhd (KAF) for its upcoming initial public offering (IPO) on Bursa Malaysia Securities Bhd’s ACE Market.
The manufacturer of pre-stressed spun concrete poles, piles, and other related reinforced-concrete products said it is expected to list in mid-November.
PMW said the IPO exercise involves 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; 22.30 million will be made available to eligible directors, employees and persons who have contributed to the company’s success.
“The 111.51 million public issue shares will be made available to bumiputra investors approved by the Investment, Trade and Industry Ministry (Miti), and 89.21 million shares under the offer for sale will be made available to selected investors by way of private placement,” PMW said in a statement yesterday.
PMW said the IPO proceeds will be used to fund business expansion, including the construction of a new facility in Tanjung Manis, Sarawak, to manufacture spun poles and piles, enabling PMW to better serve Sabah and Sarawak’s customers while capitalising on growing infrastructure opportunities there.
Part of the proceeds will be allocated to purchase new machinery and equipment to support moulds and spun poles and piles operations, while the remaining proceeds will be used for general working capital and the listing expenses, the company said.
On its expansion in Tanjung Manis, PMW executive director and chief executive officer Lee Hon Hwa said the new facility will enable the company to tap into Sabah and Sarawak’s booming infrastructure development.
With an allocation of RM3bil for the utilities sector under Budget 2025, Lee said the company is well-positioned to capitalise on this momentum and continue supporting the nation’s infrastructure growth. — Bernama
