KUALA LUMPUR: Polymer Links Holdings Bhd has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
The plastic manufacturer said the IPO comprises a public issue of 97.15 million new shares, representing 17.3% of its enlarged issued share capital of 560 million shares, as well as an offer for sale of 24.08 million existing shares, equivalent to 4.3% of the enlarged issued share capital.
“Of the enlarged issued share capital, 28 million shares or 5% and 2.5% each, will be made available to non-bumiputra and bumiputra public investors, respectively.
“A total of 4.44 million shares will be allocated to eligible directors, key senior management and employees through pink-form allocations, while 64.71 million shares are reserved for private placement to selected investors,” the company said in a statement yesterday.
Polymer Links president and group chief executive officer Koh Song Heng said that through the IPO exercise, the group aims to scale its operations and expand its international presence through new distribution channels and regional capacity upgrades.
“This includes our planned entry into Poland and expansion in Australia and South-East Asia, as we continue to fulfil our commitment to delivering customised polymer solutions.
“We believe our technical capabilities and customer-centric approach will continue to drive sustainable growth as we enter this exciting new chapter,” he said. — Bernama
