SSF Home Group Berhad has entered into an underwriting agreement with M & A Securities Sdn Bhd as part of its forthcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
The furniture company’s IPO exercise involves a public issue of 200.0 million new shares, representing 25.0% of its enlarged share capital, as well as an offer for sale of 24.0 million existing shares, representing 3.0% of the enlarged shares by way of private placement to selected investors.
Out of the 200.0 million new shares, 40.0 million shares will be made available to the Malaysian public via balloting, 40.0 million shares to its eligible directors, employees, and persons who have contributed to the success of the Group (“Pink Form Allocations”), 20.0 million shares for private placement to selected investors, while the remaining portion of 100.0 million shares is reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Malaysia (“MITI”), which will also be done via private placement.
M & A Securities will underwrite a total of 80.0 million new shares made available to the Malaysian public and Pink Form Allocations.
The group aims to use the IPO proceeds for setting up new retail outlets throughout Malaysia. This strategic move is aimed at strengthening our brand visibility and attracting a larger customer base.
