Aviation maintenance, repair and overhaul (MRO) specialist GTA Holdings Bhd has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its proposed listing on Bursa Malaysia’s ACE Market.
The company’s IPO includes a public issue of 205 million new shares, or 15.87% of the enlarged share capital, and an offer for sale of 124 million existing shares, representing 9.6%.
The institutional offering will involve up to 251.52 million shares, comprising 127.52 million new shares and the full 124 million offer-for-sale shares for institutional and selected investors.
Another 77.48 million shares, representing 6% of the enlarged share capital, will be offered to retail investors.
Of this, 64.57 million shares will be made available to the Malaysian public through balloting, split equally between Bumiputera and non-Bumiputera investors. A further 12.91 million shares will be reserved for eligible individuals.
HLIB will underwrite the entire retail offering, subject to the clawback and reallocation provisions in the exposure prospectus.
GTA Managing Director and Chief Executive Officer Dato Nonee Ashirin Mohd Radzi said proceeds from the public issue would be used to establish a new operating facility, expand its helicopter MRO operations into the Middle East and enter the higher-value landing gear, wheels and brakes maintenance segment.
“Part of the proceeds will also fund working capital and listing expenses,” she added, while highlighting that the IPO would support the company’s regional expansion, broaden its aviation services portfolio and strengthen its position as an integrated aviation MRO provider.
HLIB is GTA’s principal advisor, sponsor, sole underwriter and sole placement agent for the IPO exercise.
