KUALA LUMPUR, Jan 15 (Bernama) -- Sabah-based steel product maker Colform Group Bhd aims to raise RM41.19 million through its initial public offering (IPO), en route to its listing on the ACE Market of Bursa Malaysia on Feb 10, 2025.
The IPO, priced at 36 sen per share, involves the public issue of 114.42 million new shares and an offer for sale of 54 million existing shares, representing 28.07 per cent of the company's enlarged issued shares.
Its managing director Kang Ket Hung said proceeds from the IPO will be used for the company’s business expansion plan.
“RM9 million will be used for setting up the colour coil coating product line, RM4.50 million is for the construction of a storage facility, RM5.10 million is allocated for business expansion in Klang, Selangor, RM18.09 million is for working capital, while the remaining will be used for listing expenses,” he told the media in a virtual press conference here today.
He noted that the company is currently setting up a colour-coating production line at its factory in Kota Kinabalu, Sabah, adding that Colform plans to ship the product to Peninsular Malaysia.
“Peninsular Malaysia has a wider customer base, which we can tap into with our Industrial Building System (IBS) and steel solutions,” he noted.
He said the launch of the IPO prospectus marks a major milestone in the company's history.
Since its inception in 2003, Colform has grown to become a provider of comprehensive steel solutions.
From concept to completion, the company delivers tailored services spanning design, production, and installation, including IBS framing systems.
Its ability to adapt and evolve with changing customer demands has been key to the company’s success, enabling it to offer innovative, tailor-made solutions that meet industry needs, it said.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO exercise.
Following the prospectus launch, applications for the public issue are open starting today and will close on Jan 23, 2025, at 5 pm.
-- BERNAMA
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