TCS launches prospectus for ACE listing to raise RM20.7 mln

KUALA LUMPUR, June 29  — Construction services company TCS Group Holdings Bhd, en route to listing on Bursa Malaysia’s ACE Market, launched its prospectus today to raise RM20.7 million from the initial public offering to fund its expansion plans.

The group said with the launch of the prospectus, applications for the public issue are open from today and will close on July 10 at 5.00 pm.

Tentatively, the group is scheduled to be listed on the ACE Market of Bursa Securities on July 23, 2020.

In a statement today, managing director Datuk Ir Tee Chai Seng said the company is confident that the listing exercise will allow them to further strengthen its foothold in the construction industry and enable them to gain access to the capital markets to fuel its expansion.

“Going forward, we have plans to further strengthen our presence in the high-rise, purpose-built, and institutional buildings segments, backed by our established track record in building construction projects.

“In addition, we will also broaden our revenue stream by venturing into infrastructure construction services to include major roads, highways, and bridges. The proceeds from the IPO will certainly help accelerate in bringing these plans to fruition,” he said.

Tee opined that the long-term prospects of the construction industry remain promising, notwithstanding the near-term challenges brought about by the outbreak of COVID-19, underpinned by the implementation of various government measures and economic stimulus packages to strengthen the Malaysian economy.

The group said the IPO exercise entails a public issue of 90 million new shares representing 25.0 per cent of the group’s enlarged total number of shares, as well as an offer for sale of up to 18 million shares.

The allocations of the 90.0 million new shares include up to 10.8 million shares for the Malaysian public via balloting, with at least 5.4 million set aside for Bumiputera investors, and up to 7.2 million shares for eligible directors, employees, and persons who have contributed to the success of the group.

It said the group also allocated another 32.4 million shares for institutional and selected investors by way of private placement, with the remaining 39.6 million shares to be placed out to identified Bumiputera investors approved by the Ministry of International Trade and Industry.

The group added that upon listing on the ACE Market, it will have a market capitalisation of RM82.8 million based on the issue price of 23 sen and its enlarged total number of issued shares of 360 million shares.

Source: Bernama

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