Sin-Kung Logistics Berhad has signed an underwriting agreement with M & A Securities Sdn Bhd for its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO involves a public issue of 200.0 million new shares and an offer for sale of 103.5 million existing shares, representing 16.7% and 8.6% of the enlarged share capital of Sin-Kung Logistics respectively.
Of the 200.0 million new shares, it said 60.0 million new shares will be made available to the Malaysian public via balloting; 45.0 million new shares for its eligible Directors, employees and persons who have contributed to the success of Sin-Kung Logistics group under pink form allocations while the remaining 95.0 million new shares are reserved for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry.
As for the offer for sale portion, 55.0 million shares are reserved for private placement to Bumiputera investors approved by the MITI while the remaining 48.5 million shares will be allocated by way of private placement to selected investors.
M & A Securities will underwrite a total of 105.0 million new shares made available to the Malaysian public and pink form allocations.
M & A Securities is the Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
