KUALA LUMPUR: Pestech International Bhd, an integrated electric power technology company, is seeking listing on the Bursa Malaysia Main Market.
According to its prospectus, the company intends to undertake a public issue of 12.88 million shares of 50 sen each, of which six million shares are for the public, 5.37 million for eligible directors, employees, other Pestech group contributors and 1.5 million for identified investors.
The company, which has been involved in the system design, engineering and infrastructure segment of the power transmission and distribution industry since 2000, has RM50 million in authorised capital and base of 100 million shares.
For FY10 ended Dec 31, Pestech pulled in a profit after taxation of RM11.49 million, a marked increase from FY09 profit of RM3.58 million.
Frost & Sullivan’s study showed that Pestech gained a market share of 4.5% in Peninsular Malaysia and Sabah in 2010.
Pestech will also offer for sale 8.59 million existing shares, with 6.46 million shares allocated by way of placement to bumiputera investors approved by the Ministry of International Trade and Industry (Miti), and 2.13 million shares via placement to identified investors.
Any of the offer shares not subscribed by Miti-approved bumiputera investors will be made available for application by the bumiputera public as part of the IPO balloting process.
Following that, any shares reallocated but not taken up by the bumiputera public shall be made available for application by the public or by private placement to identified investors.
The prospectus was filed on the Securities Commission (SC) website and did not state how much Pestech intends to raise.
Bank Islam is the principal adviser, underwriter and placement agent for the listing and arrived at the IPO price (which was not specified) after taking into consideration Pestech’s financial history, future expansion plans in international markets such as Cambodia, Sri Lanka, Papua New Guinea, Ghana, Brunei and Tanzania, and prevailing market conditions.
Proceeds from the IPO will be utilised to repay bank borrowings, for business expansion, working capital and to cover listing expenses.
This article appeared in The Edge Financial Daily, November 1, 2011.
According to its prospectus, the company intends to undertake a public issue of 12.88 million shares of 50 sen each, of which six million shares are for the public, 5.37 million for eligible directors, employees, other Pestech group contributors and 1.5 million for identified investors.
The company, which has been involved in the system design, engineering and infrastructure segment of the power transmission and distribution industry since 2000, has RM50 million in authorised capital and base of 100 million shares.
For FY10 ended Dec 31, Pestech pulled in a profit after taxation of RM11.49 million, a marked increase from FY09 profit of RM3.58 million.
Frost & Sullivan’s study showed that Pestech gained a market share of 4.5% in Peninsular Malaysia and Sabah in 2010.
Pestech will also offer for sale 8.59 million existing shares, with 6.46 million shares allocated by way of placement to bumiputera investors approved by the Ministry of International Trade and Industry (Miti), and 2.13 million shares via placement to identified investors.
Any of the offer shares not subscribed by Miti-approved bumiputera investors will be made available for application by the bumiputera public as part of the IPO balloting process.
Following that, any shares reallocated but not taken up by the bumiputera public shall be made available for application by the public or by private placement to identified investors.
The prospectus was filed on the Securities Commission (SC) website and did not state how much Pestech intends to raise.
Bank Islam is the principal adviser, underwriter and placement agent for the listing and arrived at the IPO price (which was not specified) after taking into consideration Pestech’s financial history, future expansion plans in international markets such as Cambodia, Sri Lanka, Papua New Guinea, Ghana, Brunei and Tanzania, and prevailing market conditions.
Proceeds from the IPO will be utilised to repay bank borrowings, for business expansion, working capital and to cover listing expenses.
This article appeared in The Edge Financial Daily, November 1, 2011.
