KUALA LUMPUR: Melaka-based food products and manufacturer Guan Huat Seng Holdings Bhd (GHS Holdings) aims to raise RM30mil from its initial public offering (IPO), ahead of its listing on the ACE Market of Bursa Malaysia on Jan 22.
GHS Holdings said of the proceeds, RM12mil or 40% would be utilised to part-finance the setup of a new integrated complex in Batu Berendam, Melaka, and RM9mil to part-finance the setup of a new Krubong facility.
“Meanwhile, RM3mil will be used for working capital, RM1.50mil for marketing expenses, and RM4.50mil to defray listing expenses,” it said in a statement yesterday.
GHS Holdings managing director Yeo Tien Ee said the proceeds from the IPO are expected to improve the group’s operational efficiency and support future growth.
“At the same time, we remain focused on expanding our product offerings, strengthening relationships with existing customers, and exploring new market opportunities within and beyond Malaysia.”
According to the prospectus, the IPO comprises 141 million ordinary shares, consisting of a public issue of 120 million new shares and an offer for sale of 21 million existing shares, representing 29.78% of the group’s enlarged issued share capital of 473.50 million ordinary shares.
Under the public issue, 23.80 million shares will be made available to the public, while 14 million shares will be made available to eligible directors, employees and persons who have contributed to the group’s success. “A total of 59.20 million shares will be made available by way of private placements to selected bumiputra investors approved by the Investment, Trade and Industry Ministry and 23 million shares will be allocated for private placements to selected investors,” it said.
The offer for sale of 21 million shares will be made available via private placement to selected investors.
Based on an enlarged share capital of 473.50 million shares and an IPO price of 25 sen per share, the group is projected to gain a market capitalisation of RM118.38mil. — Bernama
