Initial Public Offering - IPO - Advancecon Holdings Berhad (ADVCON)
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| Initial Public Offering - IPO - Advancecon Holdings Berhad (ADVCON) |
Listing Detail:
Listing Sought: Main Market
Issue Price: RM 0.63
Dates:
Offer Period Open: 19 Jun 2017
Offer Period Close: 28 Jun 2017
Tentative listing date: 10 Jul 2017
Number of shares:
Public Issue: 90,000,000
Offer for Sale: 33,000,000
Private Placement: 88,000,000
Stock Code: ADVCON
Official Announcement
INITIAL PUBLIC OFFERING ("IPO") OF 123,000,000 ORDINARY SHARES IN ADVANCECON HOLDINGS BERHAD ("ADVANCECON") ("SHARES") IN CONJUNCTION WITH THE LISTING OF ADVANCECON ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD, COMPRISING:
I. A PUBLIC ISSUE OF 90,000,000 NEW SHARES ("ISSUE SHARES") ALLOCATED IN THE FOLLOWING MANNER:
- 30,000,000 ISSUE SHARES FOR APPLICATION BY THE MALAYSIAN PUBLIC;
- 5,000,000 ISSUE SHARES FOR APPLICATION BY OUR ELIGIBLE DIRECTORS AND EMPLOYEES WHO HAVE CONTRIBUTED TO THE SUCCESS OF OUR GROUP;
- 37,000,000 ISSUE SHARES FOR APPLICATION BY WAY OF PRIVATE PLACEMENT TO INSTITUTIONAL AND IDENTIFIED INVESTORS; AND
- 18,000,000 ISSUE SHARES FOR APPLICATION BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY OF MALAYSIA ("MITI"); AND
II. AN OFFER FOR SALE OF 33,000,000 EXISTING SHARES ("OFFER SHARES")
FOR APPLICATION BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA
INVESTORS APPROVED BY THE MITI
AT AN IPO PRICE OF RM0.63 PER ISSUE SHARE/ OFFER SHARE, PAYABLE IN FULL UPON APPLICATION.Company Overview
Advancecon Holdings Berhad, through its subsidiaries, operates as a construction company in Malaysia. It undertakes civil engineering and infrastructure works, such as building works, road and pavement construction, bridge and jetty construction, pilling works, soil investigation, sewerage system, general civil engineering works, tower structures, rock blasting works, pre-cast concrete installation works, earthworks, and water retaining structures. The company is also involved in the sale of construction materials and hiring of machinery, as well as ad hoc general construction/daywork activities; and provision of other construction support services. Advancecon Holdings Berhad is based in Petaling Jaya, Malaysia.Address & Contact:
16 & 18, Jalan Pekaka 8/3,
Seksyen 8 Kota Damansara
Petaling Jaya, 47810 Malaysia
Phone: +603 6157 9563
Fax: +603 6157 0469
Website: http://www.advancecon.com.my/
News: Advancecon listing to raise RM56.7mil
KUALA LUMPUR: Advancecon Holdings Bhd, which is en route to a listing on the Main Market of Bursa Malaysia on July 10, is raising gross proceeds of RM56.7mil from its initial public offering (IPO) price of 63 sen per share.According to its prospectus, the earthworks and civil engineering services specialist, is issuing 90 million new shares or 22.4% of its enlarged issued share capital and paid-up share capital.
There will also be an offer for sale of existing shares, where 33 million shares will be allocated for private placement to identified bumiputra investors approved by the International Trade and Industry Ministry.
Advancecon has allocated RM29.7mil, or 52.4% of its IPO proceeds as capital expenditure. It has also earmarked RM12.5mil, or 22% for repayment of bank borrowings while RM10.7mil, or 18.9% for working capital.
The remaining RM3.8mil, or 6.7% will go towards estimated listing expenses.
The company is expected to have RM253.3mil in market capitalisation based on the IPO price upon listing.
For the financial year ended Dec 31, 2016 (FY16), Advancecon posted a net profit of RM26.4mil compared with RM29.9mil in FY15.
Its revenue for the period rose stood at RM234.6mil against RM264.3mil in the previous year.
Group CEO Datuk Phum Ang Kia said: "Our contract wins for the provision of earthworks and civil engineering services for the West Coast Expressway and Pan Borneo Highway solidifies our position as one of the industry players that is able to undertake such large scale projects."
He said that the company is optimistic of its prospects and the raising of funds through the IPO would help prepare its balance sheet for even bigger scale projects.
-- The Star
