皇冠手机管理端:Kitacon aims to raise RM51.7mil from IPO

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PETALING JAYA: Kumpulan Kitacon Bhd plans to raise RM51.7mil from its listing on the Main Market of Bursa Malaysia with the proceeds used to buy construction equipment, land and build a storage and refurbishment facility as well as for its working capital requirements.

The construction company’s public issue of 76.09 million shares at 68 sen per share will give Kitacon a market value of RM340mil upon listing on Jan 17, 2023.

Kitacon has earmarked 46.4% or RM24mil of the proceeds for the purchase of construction equipment which includes aluminium formwork systems, scaffoldings and cabins. A total of 38.7% or RM20mil has been budgeted for the purchase of land and construction of a storage and refurbishment facility.

The initial public offering (IPO) involved an offer for sale of 62.5 million existing ordinary shares.

With over 30 years of experience in the construction industry, Kitacon has become a specialist in township development and worked for clients such as S P Setia Bhd, UEM Sunrise Bhd and Sime Darby Properties Bhd.

“Our goal is to broaden our reach and expertise in township construction as we aim to secure more contracts from new clients while continuing to foster our business relationships with existing clients.

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“We continuously explore and adopt progressive construction techniques such as the use of aluminium framework systems to improve our productivity and deliver projects within the stipulated time, cost and highest quality standards,” Kitacon managing director Tan Ah Kee said in a statement yesterday.

The company planned to declare a yearly dividend, equivalent to at least 25% of its profit after tax attributable to its shareholders.Kitacon has an agreement with RHB Investment Bank Bhd, which will underwrite 18.59 million of the IPO shares.

Of the 76.09 million public issue shares, 57.5 million will be placed out to institutional and selected investors while 8.59 million will be made available for application by eligible directors, employees and persons who have contributed to the success of Kitacon and its subsidiary.

The remaining 10 million new shares will be made available for application by the public via balloting.

The public issue portion of the IPO will be made available from today and application will close on Jan 9, 2023 at 5pm.

The 62.5 million offer for sale shares will be offered to bumiputra investors approved by the International Trade and Industry Ministry.

RHB Investment Bank is the principal adviser, sole underwriter and placement agent for the IPO exercise.


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