Inta Bina’s public share offer oversubscribed 42.74 times

PETALING JAYA: Contractor Inta Bina Group Bhd’s initial public offering (IPO) has been oversubscribed by 42.74 times.

In a statement yesterday, Inta Bina said a total of 12,574 applications for 1.17 million new shares with a value of RM292.64 million were received from the Malaysian public for 26.76 million new shares.

Under the listing exercise, the group plans to raise RM26.76 million from its public issue of 107.05 million new shares at an issue price of 25 sen per share.

The group’s listing on the Ace Market of Bursa Malaysia Securities Bhd is tentatively scheduled for May 25, 2017.

As part of its listing exercise, the group’s existing shareholders also made an offer for sale of 26.76 million shares to selected investors by way of private placement.

Of the total proceeds raised, 35.73% or RM9.56 million will be used as working capital for the next one to two years while 33.63% or RM9 million will be used to pay bank borrowings.

In addition to that, 18.68% or RM5 million will be deployed as capital expenditure, of which a portion will be invested into Industrialised Building System, which Lim said is key for reducing reliance on foreign manpower. The remaining 11.96%or RM3.2 million will be used to defray listing expenses.