ISF Group, Alliance Islamic Bank ink IPO underwriting agreement

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.