From left: Lim Ay Yum, Executive Director of ISF Group; Ai Sew Fuat, Executive Director; Jeff Ai Boon Chen, Managing Director; Rizal IL-Ehzan Fadil Azim, Chief Executive Officer of Alliance Islamic Bank; Teoh Chu Lin, Group Chief Corporate & Institutional Banking Officer; Tee Kok Wah, Head / Senior Vice President, Corporate Finance, Islamic Capital Markets; and Lim Shueh Li, Head / Senior Vice President, Coverage & Origination of Islamic Capital Markets
KUALA LUMPUR: ISF Group Bhd has entered into an underwriting agreement with Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Bhd.
The end-to-end piping solutions provider said that the company’s upcoming IPO entails a public issue of 185.30 million new ordinary shares (issue shares) representing 18.53 per cent of its enlarged share capital and an offer for sale of 90 million existing shares (offer shares) that represent nine per cent of its enlarged share capital.
"Of the 185.30 million issue shares, 50 million will be made available to the Malaysian public via balloting; 15 million issue shares will be made available to its eligible directors, employees and persons who have contributed to the success of the Group; 35 million issue shares will be made available by way of private placement to selected bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia (MITI).
"The remaining 85.30 million will be made available by way of private placement to selected investors. Additionally, all 90 million offer shares will be made available by way of private placement to selected bumiputera investors approved by the MITI,” it said.
ISF said Alliance Islamic Bank will underwrite a total of 65 million issue shares made available to the Malaysian public via balloting and pink form application.
Its managing director, Jeff Ai Boon Chen, said the underwriting agreement marks an important step forward, as the IPO will support ISF’s initiatives to establish and expand its operational facilities, develop its existing business activities, and grow its workforce.
"This will enhance our ability to meet rising market demand, especially since our involvement in data centre projects has been steadily increasing,” he said.
Ai added that ISF’s growth prospects remain attractive as Malaysia continues to attract strong investments in data centres, cloud computing and data hosting projects.
"We are well-positioned to support rising demand for reliable and quality end-to-end services for piping systems, water supply and sewer infrastructure piping solutions across the industries we serve,” he said.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for ISF’s IPO. - Bernama
