Turnkey interior fit-out group EGH International Bhd (EGHI) is looking to raise RM38.4 million from the issuance of new shares under its IPO ahead of a planned listing on Bursa Malaysia’s ACE Market.
The IPO comprises 360 million shares at 16 sen each, consisting of 240 million new shares and an offer for sale of 120 million existing shares.
Of the total offering, 80 million shares will be allocated under the retail offering, comprising 50 million shares for the Malaysian public and 30 million shares for eligible individuals.
The remaining 280 million shares will be offered to institutional and selected investors through private placement.
EGHI said the RM38.4 million in gross proceeds from the issuance of new shares will be used to construct a new head office, warehouse and Interior Premium Outlet showroom in Puchong, Selangor.
Part of the proceeds will also go towards repaying borrowings, working capital for business expansion and estimated listing expenses.
The proposed five-storey industrial building will sit on approximately 2.67 acres with a built-up area of about 130,000 sq ft, supporting higher project volumes and the group’s retail footprint.
Group Managing Director Datuk Weslie Lim said the listing would strengthen EGHI’s balance sheet and provide capital to pursue larger, higher-specification interior fit-out projects while growing its business-to-consumer retail presence.
EGHI, through its subsidiaries, provides interior fit-out services and sells furniture, fittings and equipment, as well as building materials.
Over the past 15 years, the group has completed more than 200 projects spanning over 57 hotels and resorts, 19 healthcare facilities, three educational institutions and five airport lounges across Malaysia, Cambodia, India and Hong Kong.
Applications for the IPO opened on Sept 24 and will close at 5pm on Oct 5.
Balloting is expected on Oct 7, with allotment targeted for Oct 14 and the ACE Market listing slated for Oct 16, subject to change.
Berjaya Securities Sdn Bhd is the principal advisor, sponsor, sole underwriter and sole placement agent for the IPO.
