KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved Teamstar Bhd for listing on the ACE Market.
In a statement today, Teamstar said the listing is expected to take place by the first quarter of 2026 with an enlarged issued share capital of 800 million ordinary shares.
Teamstar is principally an investment holding company, and its subsidiaries are primarily involved in the retail sale of furniture fittings and general hardware, as well as kitchen and home appliances, the trading of furniture fittings, and the provision of value-added services such as slitting edge banding jumbo rolls and mixing and selling coatings and solvents.
"Teamstar’s initial public offering (IPO) entails the public offering of 204 million ordinary shares comprising a public issue of 132 million new shares (issue shares) and an offer for sale of 72 million existing shares (offer shares), which collectively represent 25.5 per cent of the Teamstar Group’s enlarged issued share capital of 800 million ordinary shares,” it said.
The company said that out of 132 million issue shares, 40 million will be made available for application by the Malaysian public, while 92 million issue shares will be made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
"There is also an offer for sale of 72 million offer shares, of which 16 million offer shares will be made available for application by eligible directors and employees of the Teamstar group, as well as persons who have contributed to the success of the Teamstar group.
"48 million offer shares will be allocated for private placement to selected investors, and the remaining eight million offer shares will be made available by way of private placement to identified Bumiputera investors approved by the MITI,” it said.
Meanwhile, Teamstar’s executive vice-chairman and group chief executive officer, Tan Lee Kueng, said the company plans to utilise part of the IPO proceeds to partially cover the cost of setting up 10 new retail outlets nationwide, aiming to increase brand visibility and customer base.
"We plan to utilise the remaining IPO proceeds to purchase and renovate a new warehouse, renovate another new warehouse, and allocate as working capital to finance Teamstar Group’s day-to-day operations,” he said in the same statement.
Teamstar stated that TA Securities Holdings Bhd would be the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO. - Bernama
