KUALA LUMPUR (Feb 22): Property developer Sentoria Group Bhd's listing on Bursa Malaysia's Main Market on Thursday, will be the first initial public offering (IPO) for 2012 and is estimated to have raised some RM51.6 million in proceeds.
Its offer of 20 million new shares at an 85 sen each to the public was oversubscribed by 5.4 times.
The listing exercise entailed a public issue of 60 million new ordinary shares and an offer-for-sale of 40 million promoters’ shares.
RHB Research Institute had accorded a fair value of 92 sen based on a 30% discount to its sum-of-parts valuation.
Sentoria is involved in property development and the leisure and hospitality business in Pahang. It developed a 547-acre integrated resort city, the Bukit Gambang Resort City (BGRC), in Gambang, Pahang.
The BGRC has a water park, active academy (for outdoor activities), provides facilities for meetings, incentives, conventions and exhibitions (MICE) and has accommodation for more than 2,000 people.
Sentoria planned to use more than half of the proceeds for its working capital, while the rest will be utilised to pare down its borrowings and to procure property, plant and equipment.
"Looking ahead, Sentoria plans to enhance its recurring income stream from BGRC, by adding new attractions such as Safari Park, Aquarium Park, Adventure Land, and expand the MICE division by constructing s grand ballroom with 3,050 pax capacity to increase the average revenue and length of stay per visitor," it said in the report.
The group's product mix will also be diversified with the CONSTRUCTION [] of themed villa's and commercial PROPERTIES [] to add development value to the acquired land, it added.
It expected Sentoria's net profit to grow by 10.2% in FY12 and 12.2% in FY13, as more facilities and attractions are fully operational by the end of the year.
Its offer of 20 million new shares at an 85 sen each to the public was oversubscribed by 5.4 times.
The listing exercise entailed a public issue of 60 million new ordinary shares and an offer-for-sale of 40 million promoters’ shares.
RHB Research Institute had accorded a fair value of 92 sen based on a 30% discount to its sum-of-parts valuation.
Sentoria is involved in property development and the leisure and hospitality business in Pahang. It developed a 547-acre integrated resort city, the Bukit Gambang Resort City (BGRC), in Gambang, Pahang.
The BGRC has a water park, active academy (for outdoor activities), provides facilities for meetings, incentives, conventions and exhibitions (MICE) and has accommodation for more than 2,000 people.
Sentoria planned to use more than half of the proceeds for its working capital, while the rest will be utilised to pare down its borrowings and to procure property, plant and equipment.
"Looking ahead, Sentoria plans to enhance its recurring income stream from BGRC, by adding new attractions such as Safari Park, Aquarium Park, Adventure Land, and expand the MICE division by constructing s grand ballroom with 3,050 pax capacity to increase the average revenue and length of stay per visitor," it said in the report.
The group's product mix will also be diversified with the CONSTRUCTION [] of themed villa's and commercial PROPERTIES [] to add development value to the acquired land, it added.
It expected Sentoria's net profit to grow by 10.2% in FY12 and 12.2% in FY13, as more facilities and attractions are fully operational by the end of the year.
