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KUALA LUMPUR: Leform Bhd, which manufactures and trades in steel products, will issue 311 million new shares, representing 21% of its enlarged share capital as part of its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia.
Leform, which is scheduled to be listed by November 2022, has signed an underwriting agreement with MIDF Amanah Investment Bank Bhd in conjunction with the IPO exercise.
It said that out of the 311.0 million new shares, 74.1 million shares would be made available to the Malaysian public via balloting, 29.6 million shares to its eligible directors, employees, and persons who have contributed to the success of the group (pink form allocations), 22.2 million shares by way of the private placement to selected investors.
“The remaining portion of 185.1 million shares is reserved for bumiputra investors approved by the Ministry of International Trade and Industry, which will be done via private placement as well,” it said in a statement.
Leform and its subsidiaries are principally involved in the manufacturing of and trading of steel products, particularly steel pipes, guardrails, and flat steel products.,
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Besides its primary market in Malaysia, the group also exports its products to New Zealand, Singapore, and Cambodia.
Managing director Law Kok Thye said this IPO exercise would expedite its expansion plans and allow them to tap into the equity capital market, granting better financial flexibility to capitalise on future growth opportunities.
Therefore, Leform has strategised initiatives to construct new facilities to cater to the anticipated increase in orders for steel pipes and flat steel products.
“The expansion of our storage space capacity, for example, will enable us to operate our machinery more efficiently.
“We will utilise a portion of the IPO proceeds to improve our working capital, equipping us with the ready capacity to scale up our operations and production output which will solidify our stature in the steel industry,” he added. — Bernama