Friday 29 Mar 2024
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KUALA LUMPUR (April 6): Construction services company Tuju Setia Bhd has inked an underwriting agreement with Alliance Investment Bank Bhd and CIMB Investment Bank Bhd for its planned initial public offering (IPO) on Bursa Malaysia.

Alliance IB is the principal adviser for the stock market float, and also the joint underwriter and joint placement agent together with CIMB IB.

In a statement today, Tuju Setia said the IPO entails a public issue of 80 million new shares and offer for sale of 27 million existing shares.

Of the 80 million new shares, 15.9 million shares will be made available for application by the Malaysian public via balloting, and another 6.3 million shares by the group’s eligible directors, employees and persons who have contributed to the success of the group.

A further 31.7 million shares will be offered to selected bumiputera investors approved by the Ministry of International Trade and Industry via private placement.

The balance 26.1 million new shares, together with 27 million existing offer-for-sale shares, will be placed out to selected investors by way of private placement, said Tuju Setia.

The company said it is slated to list on the Main Market of Bursa Malaysia in the second quarter of 2021.

Tuju Setia managing director Wee Eng Kong said the listing exercise will aid the group’s efforts to strengthen its construction capabilities with the new funds raised, and improve its market positioning to capture opportunities in the construction of public and private projects including hospitals as well as high-rise buildings.

The company said it has, via wholly-owned subsidiary Pembinaan Tuju Setia Sdn Bhd, provided construction works for reputable property developers, including S P Setia Bhd, GuocoLand (Malaysia) Bhd, Bandar Raya Developments Bhd, UEM Sunrise Bhd, Symphony Life Bhd and the Public Works Department.

Tuju Setia’s ongoing non-residential projects include Mutiara Central Office Suites (Cheras), Kajang Women and Children Hospital, Riana Dutamas — Phase 2 (Segambut), and The Pulse Residence (Bandar Puteri Puchong).

Its ongoing residential projects are PPAM Sofiya Residensi (Desa ParkCity), Emerald Hills — Phase 3 and 4 (Cheras), and TUAI Residence (Setia Alam).

Edited ByS Kanagaraju
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