KUALA LUMPUR: Maritime logistics services provider MTT Shipping and Logistics Bhd (MTTSL) has obtained approval from Securities Commission Malaysia (SC) for its proposed listing on the Main Market of Bursa Malaysia Securities Bhd.
MTTSL managing director Ooi Lean Hin said the proposed IPO is expected to serve as a key enabler for MTTSL’s long-term growth, as it intends to expand its service network in Southeast Asia, the Indian subcontinent, and China.
"We will expand our network through the acquisition of additional container vessels with various capabilities to capitalise on the growth in cargo volumes driven by supply chain realignment and production relocation.
"We are also focusing on the development of our integrated freight facilities to spur our domestic sector growth within East Malaysia by addressing infrastructure gaps, as well as building logistics capacity, to support the growth between West and East Malaysia and the growth of the region,” he said in a statement today.
MTTSL’s proposed initial public offering (IPO) will consist of an institutional and retail offering totalling 633.5 million new ordinary shares of MTTSL.
"There will be no offer for sale of existing ordinary shares under the proposed IPO, and all funds raised under the proposed IPO will accrue totally to the group.
"A total of 312.5 million shares will be reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), 258.5 million shares will be allocated to Malaysian institutional and selected investors (other than Bumiputera investors approved by the MITI) and foreign institutional and selected investors outside the United States in reliance on Regulation S under the United States Securities Act of 1933,” it said.
MTTSL said 12.5 million shares are earmarked for directors of MTTSL, employees of the group and persons who have contributed to the success of the group who are eligible to participate in the retail offering.
The remaining 50 million shares will be offered to the Malaysian public via balloting.
CIMB Investment Bank Bhd is the principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter for this IPO exercise.
CLSA Ltd and CLSA Securities Malaysia Sdn Bhd are the joint global coordinators and joint bookrunners, while Affin Hwang Investment Bank Bhd is the joint bookrunner and joint underwriter. - Bernama
