Sorento Obtains Approval For ACE Market Listing

Kitchen and bathroom accessory company, Sorento Capital Berhad said it has obtained approval from Bursa Malaysia Securities Berhad to list on the ACE Market.

Sorento Capital’s initial public offering will entail a public issuance of 155 million new ordinary shares, and an offer for sale of up to 74 million existing shares. This will represent a total of approximately 26.62% of its enlarged issued share capital of 860 million ordinary shares.

Managing Director of Sorento Capital, Mr. Loo Chai Lai said “This IPO Approval signifies a crucial milestone for our Company, granting us access to the equity capital market as we embark on our next stage of growth. With the proceeds from the listing exercise, we intend to strengthen our existing dealer support, expand our network of dealers, grow project-based sales and elevate brand recognition through investments in branding and marketing activities in Malaysia.”

Barring any unforeseen circumstances, Sorento Capital targets to be listed by the fourth quarter of 2024. Alliance Islamic Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the initial public offering.

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