KUALA LUMPUR, Nov 25 (Bernama) -- SBS Nexus has entered into an underwriting agreement with M&A Securities Sdn Bhd for the underwriting of 41.65 million new shares made available to the Malaysian public and eligible persons under pink form allocations for its upcoming initial public offering (IPO).
The investment holding company said its IPO entails the public offering of 171.50 million shares, comprising a public issue of 122.50 million shares and an offer for sale of 49 million existing shares, which collectively represent 35 per cent of the SBS Nexus Group’s enlarged issued share capital of 490 million ordinary shares.
“Of the 122.50 million shares, 24.50 million will be made available for application by the Malaysian public, while 17.15 million will be made available for application by eligible persons.
“A total of 61.25 million shares has been made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) , and 19.60 million will be allocated for private placement to selected investors. There is also an offer for sale of 49 million offer shares for private placement,” it said in a statement today.
SBS Nexus said the proceeds from the IPO have been earmarked for the establishment of a new headquarters through the relocation to a larger office in anticipation of its business expansion
“The proceeds will be used for penetrating the Malay-speaking small and medium enterprises (SME) community; for undertaking additional branding and marketing activities; and for expanding the mobile application, web-based application and website development business. The balance of the proceeds will be used to defray estimated listing expenses,” said SBS Nexus.
SBS Nexus managing director cum chief executive officer Wong Chun Mun said the agreement takes the group a step closer to its IPO journey to become an ACE Market publicly listed company. “This comes at an opportune time as we are ready to take advantage of the vast opportunities and vibrancy in the branding and marketing industry in Malaysia,” he added.
M&A Securities serves as the principal adviser, sponsor, underwriter and placement agent for the listing of SBS Nexus.
-- BERNAMA
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