KUALA LUMPUR: Yes Group Management Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd for its initial public offering (IPO), in conjunction with the company’s upcoming listing on the ACE Market of Bursa Malaysia.
The company operates the “Yes Travel” brand and is a meetings, incentives, conferences, and exhibitions (Mice) specialist, principally providing customised incentive travel solutions, as well as event planning and management solutions.
The IPO comprises a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares, representing a total IPO offering of 137.80 million shares.
“Of the issued shares, 26.50 million shares, or 5% of the enlarged issued share capital, are for the public, with half allocated to public investors and the other half to bumiputra public investors.
“Additionally, 5.30 million shares (1%) are set aside for eligible directors, employees and contributors to the group through pink form allocations, while 60.07 million shares (11.33%) will be placed with bumiputra investors approved by the Investment, Trade and Industry Ministry (Miti),” it said in a statement.
The company said 6.18 million shares, representing 1.17% of its enlarged issued share capital, will be offered to bumiputra investors approved by the Miti, while 39.75 million shares, or 7.5%, will be placed with selected investors.
Yes Group managing director Angela Mak Shau Kwan said the company’s focus remains on strengthening its position in corporate incentive travel and Mice solutions, while building the necessary capabilities to support expansion. — Bernama
