KUALA LUMPUR: Aluminium supplier, AMS Advanced Material Bhd, has received approval for its listing on the ACE Market of Bursa Malaysia.
Its managing director, Keh Teng Yang, said the approval marked an important milestone in the group’s journey towards becoming a public-listed company.
The company supplies aluminium sheets, aluminium plates, aluminium rods and bars, aluminium profile extrusions, and copper tubes and sheets.
It currently has warehouses and manufacturing facilities in Johor, Selangor and Penang, from which it services customers in around 30 industries.
“With nearly two decades of experience in supplying and processing semi-finished aluminium and copper products, we remain optimistic about the long-term prospects of the industry, as aluminium continues to gain wider adoption across numerous sectors.
“The initial public offering (IPO) will enable us to access the capital market to accelerate our expansion plans and unlock new growth opportunities as we enter our next phase of growth,” Keh said in a statement yesterday.
The company intends to use the IPO proceeds to set up a new licensed manufacturing warehouse plant in Penang to serve the semiconductor and engineering supporting industries.
It also plans to expand into aluminium architectural products and venture into the collection and processing of scrap aluminium materials. According to the statement, AMS’ proposed IPO comprises a public issue of 113 million new shares and an offer for sale of 47 million existing shares, representing 18.46% and 7.68%, respectively, of the group’s enlarged share capital of 612.01 million shares.
“Of the 160 million shares, 50.74 million shares will be offered via private placement to selected investors, while 76.50 million shares will be allocated through private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry.
“Another 30.60 million shares will be made available to the Malaysian public, with the remaining 2.16 million shares reserved for application by eligible directors and employees,” it said.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for this IPO exercise. — Bernama
