Sabah-based property developer KTI Landmark Berhad signed an Underwriting Agreement with M & A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities.
The initial public offering comprises a Public Issue 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.
Pursuant to the Underwriting Agreement, M & A Securities will underwrite a total of 80.0 million new shares made available to the Malaysian public and Pink Form Allocations.
The remaining 80.0 million new shares will be placed out 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.
Dr Gordon Loke, Group Managing Director and CEO of KTI, said the signing of the Underwriting Agreement not only reiterates the underwriter’s confidence in KTI, but also takes the Company a step closer towards listing on Bursa Securities.
“We have a proven track record as a design and build contractor to Lembaga Pembangunan Perumahan dan Bandar (“LPPB”), the state agency in Sabah. Up to 2023, we have completed projects amounting to RM1.6 billion in gross development value (“GDV”), equivalent to 29.0% of all LPPB projects.
“As for our own property development projects, since 1998 we have completed several residential and commercial projects worth RM207.6 million GDV, directly and through joint ventures,” he added.
“By being a listed entity, we hope to further increase confidence among our investors, stakeholders and customers while we continue to work towards enhancing the long-term value of our Company by providing quality services to our customers,” said Dr Loke.
Currently, KTI has a total of RM2.3 billion GDV on-going and upcoming projects across Kota Kinabalu, Tuaran, Sandakan and Papar in Sabah, where 30% are projects awarded by LPPB and the remaining are joint venture or its own projects to be developed until 2031.
The Company’s notable projects include among others; Taman Wawasan in Tawau, Taman La Gloxinia in Papar, Taman Seri Lemawang in Tuaran as well as Taman Nelly, Taman Lavender and The Logg in Kota Kinabalu.
KTI targets to list on the ACE Market of Bursa Securities by June 2024.
