Aneka Jaringan eyes RM46 mln from ACE Market IPO

Pang (fourth left) alongside his board of directors from Aneka Jaringan and Alliance Investment Bank during the group’s prospectua launch today.

KUCHING: Piling and foundation specialist Aneka Jaringan Holdings Bhd (Aneka Jaringan) has advanced closer to becoming a public listed entity with the launch of its prospectus in conjunction with the company’s listing on the ACE Market of Bursa Malaysia Securities Bhd.

The prospectus launch marks the opening of Aneka Jaringan’s retail offering of 26.906 million shares for the Malaysian public.

Retail applications will close on October 9, 2020. The company is slated for listing on October 20, 2020 with market capitalisation of RM177.57 million.

During the prospectus launching ceremony, managing director Pang Tse Fui said: “Foundation and piling are niche areas of construction where there are only a handful of seasoned and experienced players. Over the years, we built our reputation based on innovative, high quality and timely delivery.

“Foundation is the starting point and core of every asset and we are proud to have secured roles in iconic projects such as Pavilion KL, Bukit Bintang City Centre, Platinum Park and the West Coast Expressway, just to name a few. Our long-term relationship with our customers is an endorsement of our technical expertise, capabilities and reliability.

“The proceeds of RM46.16 million from the listing exercise will accelerate our growth plans by increasing our fleet of machineries in Malaysia as we seek to capture further opportunities.

“Armed with our success in Malaysia and Indonesia, our next target is the Singapore market where we have registered a branch office with intention to start bidding for projects next year.”

At the initial public iffering (IPO) price of RM0.33 per share, Aneka Jaringan will list with market capitalisation of RM177.57 million and raise RM46.16 million from its IPO.

Of the total proceeds, RM17.30 million will be utilised for purchase of rotary drilling rigs & crawler crane, RM24.26 million for repayment of borrowings and RM4.60 million to defray IPO expenses.

Aneka Jaringan’s IPO involves a total offering of 139.890 million new ordinary shares, whereby 26.906 million shares will be available to the Malaysian public by way of balloting; 13.453 million shares to eligible directors, employees and persons who have contributed to the success of the Group; 45.721 million shares to selected investors by way of private placement; and 53.810 million shares to Bumiputra investors approved by the Ministry of International Trade and Industry by way of private placement.

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for Aneka Jaringan’s IPO.

 

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from Borneo Post Online https://bit.ly/33jEAps
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