Geohan inks Main Market IPO

From left: Geohan Corp Bhd non-independent executive director Lee Jie Min, Geohan non-independent executive director Oh Chin Wah, Geohan managing director Lee Kim Seng, Alliance Bank Malaysia Bhd group chief executive officer Kellee Kam, Alliance Islamic Bank Bhd chief executive officer Rizal IL- Ehzan Fadil Azim, Alliance Bank group chief corporate & institutional banking officer Teoh Chu Lin and Alliance Islamic Bank head of corporate finance Tee Kok Wah.

KUALA LUMPUR: Geohan Corp Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) and listing on the Main Market of Bursa Malaysia Bhd.

In a statement today, the foundation and geotechnical specialist company said that the upcoming IPO entails a public issue of 132 million new ordinary shares, accounting for 30% of its enlarged issued share capital of 440 million shares upon its listing.

The company said out of 132 million new shares, 22 million will be made available for application by the Malaysian public via balloting, while 11 million will be made available for application by eligible directors, employees and those who have contributed to the company’s success.

“Another 55 million new shares will be made available by way of private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry and 44 million new shares will be made available by way of private placement to institutional and selected investors,” it said.

Meanwhile, Geohan’s managing director Lee Kim Seng said the company is increasing its number of machinery and equipment to accelerate deployments across multiple projects and locations. — Bernama