KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved the listing of food product distributor and retailer Guan Huat Seng Holdings Bhd (GHS Holdings) on the ACE Market.
The company, which also makes flavouring products, said its initial public offering (IPO) will comprise a public issue of 120 million new ordinary shares, representing 25.34 per cent of the enlarged issued share capital of 473.5 million shares, and an offer for sale of 21 million existing shares, representing 4.44 per cent of the enlarged issued share capital of 473.50 million shares.
Of the public issue, 23.8 million new shares will be allocated for the Malaysian public while 14 million new shares will be made available for application by the eligible directors, employees and other persons who have contributed to the success of the group, it said in a statement today.
Another 23 million new shares are reserved for private placement to selected investors and 59.2 million new shares are reserved for private placement to bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Meanwhile, 21 million shares from offer for sale are reserved for private placement to selected investors.
"Proceeds from the IPO will mainly be utilised for the setting up of an integrated complex and new Krubong facility in Melaka, alongside working capital, marketing expenses and listing-related expenses,” the company said.
GHS Holdings managing director Yeo Tien Ee said the IPO is a progression towards elevating the company's profile.
"Over the years, our focus on quality and reliability has built our credibility and earned the trust of our customers.
"The IPO will provide us with the platform to enhance our stature and increase market awareness of our products to assist us in expanding our customer base and reinforce our position as a comprehensive food distributor and one stop food ingredient provider,” he said.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise. - Bernama
