DPI secures Bursa approval for ACE market debut

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KUALA LUMPUR (Nov 5): Aerosol paints producer DPI Holdings Bhd has secured approval from Bursa Malaysia Securities Bhd to list on the ACE Market.

"Barring unforeseen circumstances, DPI targets to be listed in January 2019," the group said in a statement today.

The group distributes aerosol paint cans locally under three in-house brands, namely Anchor, DPI and Kromoto. It also has private label customers locally and internationally. Its manufacturing facility in Johor is capable of producing 9.7 million aerosol cans annually.

"Listing on the Ace Market of Bursa Malaysia will enable us to embark on a new growth phase, and will allow us to take advantage of future opportunities to expand further in Malaysia and regional markets," said DPI executive chairman and managing director Peter Chai @ Choy Mui Seng.

DPI's products are sold via a wide range of distribution channels encompassing approximately 700 customers in Malaysia, who use them for automotive repair and maintenance, arts and crafts as well as do-it-yourself projects.

According to its draft prospectus, DPI plans to issue up to 126.56 million new shares under its initial public offering, equivalent to 26% of its enlarged share capital. Of this, 24.34 million shares will be allocated to the public, 14.12 million new shares to eligible directors, while the remaining 88.1 million shares will be earmarked to selected investors via a series of placement exercise.