Kumpulan Kitacon Berhad said it had received approval today from the Securities Commission Malaysia to list on the Main Market of Bursa Malaysia Securities Berhad.
The group through its proposed wholly-owned subsidiary Kitacon Sdn Bhd, specialises in township construction which includes the construction of both residential and non-residential buildings within a development. Some of the notable township construction projects it has been involved in include Tropicana Aman, City of Elmina, Serene Heights, Setia Eco Park, and Eco Majestic.
Managing Director Mr. Tan Ah Kee said, “We are excited to embark on this new chapter and aim to leverage our established track record and quality services to continue growing our core competency and deliver long-term value to all our stakeholders. We intend to use the proceeds from the initial public offering (“IPO”) to support our business growth and further strengthen our footing in the construction industry.”
The IPO entails a public issue of 76,088,500 new shares and an offer of sale of 62,500,000 existing shares. Out of the shares allocated for the public issue, 10,000,000 will be made available for application by the Malaysian public while 8,588,500 will be made available for application by the eligible directors, employees, and persons who have contributed to the success of Kitacon and its proposed subsidiary. The remaining 57,500,000 shares will be made available to institutional and selected investors by way of a private placement.
RHB Investment Bank Berhad is the Principal Adviser, Sole Underwriter and Sole Placement Agent for this IPO exercise.
