Yes Group Management Bhd has secured Bursa Malaysia Securities Bhd’s approval to list on the ACE Market, paving the way for an IPO comprising 137.8 million shares as the meetings, incentives, conferences and exhibitions (MICE) specialist looks to fund its next phase of growth.
The operator of the Yes Travel brand said the IPO will comprise a public issue of 91.87 million new ordinary shares and an offer for sale of 45.93 million existing shares. Upon listing, Yes Group will have an enlarged issued share capital of 530 million shares.
Of the new shares, 26.5 million shares, or 5% of the enlarged issued share capital, will be allocated to the Malaysian public, split equally between public investors and Bumiputera public investors. Another 5.3 million shares, or 1%, will be allocated to eligible individuals, while 60.07 million shares, or 11.33%, are reserved for private placement to Bumiputera investors approved by the Investment, Trade and Industry Ministry (MITI).
The offer for sale will comprise 6.18 million shares for Bumiputera investors approved by MITI and 39.75 million shares for selected investors.
Yes Group Managing Director Angela Mak Shau Kwan said the proceeds from the public issue are earmarked for expanding ground transportation services in Europe, establishing a regional office in the UK, setting up Yes Academy, working capital and listing expenses.
“The proposed expansion in UK and Europe are expected to strengthen the company’s incentive travel capabilities, improve pricing competitiveness and give it greater control over costs and service delivery.
“While the Yes Academy is planned as a training and development centre for tour leaders and tour managers to support growing demand in the MICE industry,” Mak shared.
The company, whose operating history dates back to 2008, has evolved from a corporate event planning business into a one-stop MICE solutions provider offering customised incentive travel as well as event planning and management services.
Malacca Securities Sdn Bhd is the principal advisor, sponsor, underwriter and placement agent for the IPO.
