PETALING JAYA: AME Elite Consortium Bhd is targeting to raise RM111.1 million from its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia with an issue price of RM1.30 per share.
Of the proceeds raised, RM69.1 million will be allocated for future industrial property development and investment projects including land acquisitions and joint ventures, according to the industrial property solutions provider’s statement today.
Another RM23 million will be for working capital for the i-Park @ Senai Airport City development; and the RM9 million for the expansion of the group’s precast concrete fabrication capacity.
AME is slated to be listed on Oct 14.
Its IPO consists of a public issue of 85.4 million new shares along with an offer for sale of 42.7 million existing shares.
From the public issue of 85.4 million new shares, 8.5 million shares will be made available for application by the Malaysian public; 8.5 million shares to be allocated for application by eligible directors and employees; 19.2 million shares for placement to institutional and selected investors; and 49.1 million shares for placement to bumiputra investors approved by the Ministry of International Trade and Industry.
AME managing director Kelvin Lee Chai said the the group’s i-Park @ SiLC, i-Park @ Indahpura (Phase 1 & 2) and i-Park @ Senai Airport City have garnered investments from multinational and local corporations across various sectors, such as electronics, logistics, consumer and food.
In addition to expanding its industrial parks to other states in Peninsular Malaysia, it will also focus on completing ongoing industrial park projects and increase the portfolio of industrial properties in Johor.
source https://www.thesundaily.my/business/ame-elite-consortium-to-raise-rm111m-from-main-market-listing-ED1401701
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