Looks like Bursa target of 42 IPO listing for 2024 is well on its way, as another company is aiming to list on the ACE Market very soon.
Sabah-based developer KTI Landmark Berhad has now received the Securities approval for its initial public offering to list on the ACE Market of Bursa Securities.
Dr Gordon Loke, Group Managing Director and CEO of KTI, said the approval for the listing is a significant milestone in the Company’s journey to become a listed entity. It will allow KTI to embark on the next phase of growth in the property development and construction industries.
“The IPO will enable KTI Group to tap into the equity capital market for future fund raising and provide us the financial flexibility to pursue future growth opportunities as and when they arise,” he added.
Established in 1984, KTI Landmark is principally involved in the provision of design and build construction services and property development. The Company’s design and build construction projects and property development projects are located in Sabah, and it comprises residential properties, commercial properties and mixed developments.
The IPO will involve the issuance of 160.0 million new shares and an offer for sale of 45.0 million existing shares, representing 20.0% and 5.6% of the enlarged share capital of KTI respectively.
Of the 160.0 million new shares, 40.0 million new shares will be available to the Malaysian public via balloting; 40.0 million new shares for its eligible Directors, employees and persons who have contributed to the success of KTI Group under pink form allocations while the remaining 80.0 million new shares are reserved for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (“MITI”).
As for the offer for sale portion, 20.0 million shares are reserved for private placement to Bumiputera investors approved by the MITI while the remaining 25.0 million shares will be allocated by way of private placement to selected investors.
M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
