Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on September 13, 2019

KUALA LUMPUR: MTAG Group Bhd, slated for a listing on the ACE Market of Bursa Malaysia Securities Bhd on Sept 25, has seen its initial public offering (IPO) oversubscribed by 3.84 times.

The printing and materials converting group received 3,518 applications for 164,917,000 shares with total value of RM87.4 million.

“We are delighted with the encouraging interests from the public. This indicates a vote of confidence and belief in MTAG. In addition, this further validates our decision to list on Bursa Malaysia,” said MTAG group managing director Chaw Kam Shiang in a statement yesterday.

For the bumiputera portion, a total of 1,639 applications for 47.7 million new shares were received, translating to an oversubscription of 1.8 times.

A total of 1,879 applications for 117.22 million new shares were received for the remaining public portion, which represent an oversubscription rate of 5.88 times.

Meanwhile, the 14 million shares earmarked for eligible directors, employees and persons who have contributed to the success of the group as well as the private placement of 68.16 million shares to bumiputera investors approved by the ministry of international trade and industry and the 20.07 million new shares made available to selected investors have all been placed out.

M&A Securities is the adviser, sponsor, underwriter and placement agent for MTAG’s IPO.

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