KUALA LUMPUR: Teamstar Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The home‑improvement solutions provider said TA Securities will act as the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO, and will underwrite 40 million issue shares and 16 million offer shares.
Teamstar’s executive vice‑chairman and group chief executive officer Tan Lee Kueng said the signing of the underwriting agreement not only reinforced confidence in the company but also brought it a step closer to becoming a publicly listed entity.
“This comes at an opportune time as we are ready to take advantage of the vast development opportunities in Malaysia’s home improvement industry.
“We plan to utilise part of the IPO proceeds to partially fund 10 new retail outlets nationwide, to enhance brand visibility and customer base.”
He added that the company aims to strengthen its market presence by expanding its retail network, particularly in Johor, Kedah and Penang, as well as Sabah and Sarawak – marking its entry into the latter two states.
Teamstar’s IPO involves the public offering of 204 million ordinary shares, comprising a public issue of 132 million new shares and an offer for sale of 72 million existing shares.
