PETALING JAYA: SLGC Bhd’s initial public offering (IPO) has been oversubscribed by 3.1 times ahead of the company’s listing on the ACE Market of Bursa Malaysia.
The IPO consists of a public issue of 105 million new ordinary shares at an issue price of 28 sen per share, as well as an offer for sale of 63 million existing ordinary shares by way of private placement to selected investors.
The group said the 70 million issue shares, reserved for private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry, have been fully placed out.
SLGC managing director Yong Zhen Lin said this was the beginning of a new phase for the group as they continue to build on its capabilities.
“We are actively and selectively tendering for new projects, while maintaining disciplined project execution and building a healthy project pipeline for the years ahead.”
