New IPO Sanchem oversubscribed
Filed Under (Other News) by Webmaster on 12-06-2009
Tagged Under : IPO, Sanchem
Bursa Malaysia first IPO for 2009, SAMCHEM Holdings Bhd’s initial public offer (IPO) has been oversubscribed by 18.1 times.
In a statement today, managing director Ng Thin Poh said the company was pleased with the positive take-up for the IPO in light of the challenging capital markets during the most part of the listing process.
“The encouraging response reflects not only the investors’ confidence in the group’s growth prospects but also their positive sentiment towards new listing,” he said.
Samchem, which would be listed on Bursa Malaysia on June 23, is the first IPO in Malaysia this year. The company received applications for 76 million shares against a planned maximum public issue of 6.8 million shares.
It said it planned to raise RM15.17 million with the issuance of 21.36 million new shares at 71 sen apiece.
Of the 21.36 million shares, 3.0 million shares were being sold to employees and directors, 3.42 million via private placement and 8.14 million placed with Bumiputera investors approved by the International Trade and Industry Ministry.
Samchem said of the RM15.17 million raised, RM8.17 million would be allocated for working capital, RM3 million for plant construction and acquisition of plant and machinery, RM500,000 for purchase of trucks and RM3.5 million to defray the listing expenses.
Samchem is an industrial chemicals distributor with presence in Malaysia, Vietnam, China and Indonesia. — Bernama
