Colform Group Berhad, a leading steel and building materials provider in East Malaysia, is set to launch its Initial Public Offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad, aiming to raise RM41.19 million. The funds raised will be used to expand production capabilities, enhance operational efficiency, and establish a presence in Peninsular Malaysia.
Colform Group Berhad (Colform), a leading steel and building materials specialist in East Malaysia, aims to raise RM41.19 million through an Initial Public Offering ( IPO ) on the ACE Market of Bursa Malaysia Securities Berhad . The IPO will involve the issuance of 114.42 million new shares at an issue price of 36 sen per share.
The funds raised from the IPO will be allocated for various purposes, including the establishment of a color coating coil production line at the Kota Kinabalu plant (RM9 million), construction of a new storage facility in Kota Kinabalu (RM4.5 million), expansion of business into Peninsular Malaysia, including the establishment of branch offices and a leased factory in Klang (RM5.1 million), working capital (RM18.09 million), and listing expenses (RM4.5 million). Colform Managing Director Kang Ket Hung stated that the launch of the IPO prospectus marks a significant milestone in the company's history. Since its inception in 2003, Colform has grown from humble beginnings to become a comprehensive steel supplier from concept to completion. We provide customized services encompassing design, production, and installation, including structural systems and Industrialised Building System (IBS) capabilities. This ability to adapt and evolve with changing customer demands has been key to our success, enabling us to offer innovative and bespoke solutions that cater to industry needs, he said in a statement. The application for the IPO will close on January 23, 2025, and is expected to make its debut on the ACE Market on February 10, 2025. At the IPO price of 36 sen per share, the company's market capitalization at listing will be RM216 million. Kang added that the IPO will enable the group to enhance its capabilities with a new color coating coil production line, improve operational efficiency, and establish a presence in Peninsular Malaysia. Guided by quality, precision, and innovation, the company is committed to creating sustainable value for our stakeholders while contributing to the development of Malaysia's infrastructure, he said
IPO Colform Group Berhad ACE Market Bursa Malaysia Securities Berhad Steel Building Materials
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