PETALING JAYA: Property developer Gold Li Holdings Bhd has signed an underwriting agreement with M & A Securities Sdn Bhd in preparation for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Based on the prospectus exposure, Gold Li’s IPO involves a public issue of 117 million new ordinary shares and an offer for sale of 36 million existing shares, representing 25.5% of the group’s enlarged issued share capital of 600 million shares upon listing.
The IPO proceeds will be used for working capital to fund property development costs for ongoing and future projects, as well as to cover listing expenses, reducing reliance on external financing and enabling the group to undertake more projects.
