KUALA LUMPUR (Sept 6): Perak Transit Bhd and its subsidiaries (Perak Transit Group) is set to proceed with its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia, after having obtained the regulator's approval in June.

In a statement today, the group said its IPO involves a public issue of 245 million new shares, of which 58 million will be available for the Malaysian public and the remaining 187 million shares will be placed to selected investors.

Perak Transit Group is principally involved in the operations of the Terminal AmanJaya integrated public transportation terminal in Ipoh and the provision of public bus services.

The group also operates four petrol stations, of which two are Shell petrol stations sited in Lahat and Tanjung Rambutan, a BHP petrol station located at Terminal AmanJaya and a Petron petrol station in Lubok Merbau.

Perak Transit said it intends to utilise the funds raised from the IPO mainly for business expansion and working capital.

Former acting president of Gerakan Tan Sri Chang Ko Youn, who was also Perak exco, is the independent non-executive chairman of Perak Transit. The group is helmed by managing director Datuk Seri Cheong Kong Fitt.