Adnex Group Bhd managing director Kan Wai Chun (left) and Public Investment Bank Bhd CEO Lee Yo-Hunn (right).
KUALA LUMPUR: Interior fit-out services provider Adnex Group Bhd has signed an underwriting agreement with Public Investment Bank Bhd (PIVB) for its initial public offering (IPO) ahead of its ACE Market listing on Bursa Malaysia Securities Bhd.
Adnex’s upcoming IPO will comprise a public issue of 90.50 million new ordinary shares and an offer for sale of 39.50 million existing shares.
Of the public issue, 25.00 million shares, representing 5% of the enlarged issued share capital, will be offered to the Malaysian public, while 15.00 million shares, or 3%, will be allocated to eligible directors, employees and other contributors to the group.
Another 27.50 million shares, or 5.5%, are reserved for private placement to selected investors, while 23.00 million shares, representing 4.6% of the enlarged issued share capital, will be placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
The offer for sale will comprise 39.50 million existing shares, representing 7.9% of the enlarged issued share capital, to be placed out via private placement to Bumiputera investors approved by MITI.
Under the agreement, PIVB will underwrite 40.00 mil shares allocated to the Malaysian public and eligible directors, employees and contributors to the group.
Adnex managing director Kan Wai Chun said the signing of the underwriting agreement represents another major step in the company’s journey towards becoming a listed company.
“Over the past two decades, Adnex has grown into a trusted name in the interior fit-out industry by consistently delivering high-quality workmanship with capability to provide sustainable interior fit-out services, timely completion, and client-focused solutions.
“Our listing will provide the financial foundation to enhance our operational capacity, expand regionally into East Malaysia and selected overseas markets, and invest in technology and equipment upgrades to strengthen our competitive edge,” he said.
Meanwhile, PIVB chief executive officer Lee Yo-Hunn said Adnex has demonstrated solid fundamentals and operational expertise in Malaysia’s interior fit-out sector, supported by a diversified base of corporate and institutional clients.
He added that with an experienced management team and a proven project portfolio, the group is well positioned to capture growth opportunities arising from Malaysia’s commercial and industrial development, and that Public Investment Bank is proud to support Adnex’s IPO and its ACE Market debut.
