KUALA LUMPUR: Johor-based property developer Gold Li Holdings Bhd has allocated proceeds from its initial public offering (IPO) to finance three ongoing projects and one upcoming development, while maintaining plans to expand its landbank for future growth.
Its chief financial officer, Tey Bock Heng, said the company is also actively evaluating additional landbank opportunities to support its future development pipeline, noting that land acquisition remains a core component of its property development business.
"This process will continue because that is the bread and butter of our development business.
"Whenever a new or attractive opportunity arises within our financial capacity, we will evaluate it and decide whether to buy or sell,” he said at a press conference at the launch of the company’s IPO prospectus today.
Gold Li Holdings Bhd, which specialises in landed residential developments and in-house construction services, officially launched its prospectus in conjunction with its upcoming IPO on the ACE Market of Bursa Malaysia Securities Bhd.
In a separate statement, the company said the IPO exercise comprises a public issue of 117.0 million new ordinary shares, representing 19.5 per cent of the group’s enlarged issued share capital of 600.0 million shares, and an offer for sale of 36.0 million existing shares, representing 6.0 per cent of the enlarged issued share capital.
The IPO shares are priced at RM0.13 apiece, raising gross proceeds of about RM15.21 million for the group.
Of the total proceeds, RM11.21 million has been set aside for working capital to supplement property development costs for identified ongoing and future projects, including building and infrastructure works; and RM4.00 million to meet the estimated expenses incidental to the listing, it said.
By transitioning into a public-listed entity, Gold Li is not only raising capital to fund three ongoing projects and one future project, but also enhancing its corporate stature to attract talent and strategic partners for its future high-rise and residential ventures.
The three ongoing projects and upcoming project are Taman Permatang Pasir II, Taman Kesang Mewar, Taman Naib Kadir Suria, and in Mukim Linau.
M & A Securities Sdn Bhd is the adviser, sponsor, underwriter, and placement agent for the IPO. - Bernama
