Construction firm GDB Holdings to issue 125m new shares under IPO

PETALING JAYA: Construction company GDB Holdings Bhd, which plans to list on the ACE market by April, will issue 125 million new shares, representing 20% of its enlarged share capital under its initial public offering (IPO).
Alliance Investment Bank is principal adviser, sponsor, sole underwriter and placement agent of the IPO.
The group plans to raise proceeds which will be used for capital expenditure, working capital, and defraying of listing expenses.
Of the 125 million shares, 12.5 million will be for application by the Malaysian public; and 15.0 million shares for application by eligible directors, employees and persons who have contributed to the success of the group.
Meanwhile, about 25.6 million shares will be allocated for private placement to identified investors; and 71.9 million shares for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry.
There will also be an offer for sale of 37.5 million existing shares for private placement to identified investors.
The group’s customers consist of property developers and corporations including Perdana ParkCity Sdn Bhd, Selangor Properties Bhd, Trans Resources Corporation Sdn Bhd and Etiqa Insurance Bhd.