ACO Group’s IPO entails public issue of 58m new shares

18 Sep 2019 / 20:31 H.

PETALING JAYA: ACO Group Bhd, a distributor of electrical products and accessories, is looking to list on the ACE Market of Bursa Malaysia.

According to its prospectus draft filed with the Securities Commission, the group’s initial public offering (IPO) will see a public issue of 58 million new shares, of which 15 million shares will be made available to the Malaysian public; 9 million shares for eligible directors and employees; 4 million shares via private placement to identified investors; and the remaining 30 million shares will be placed out to bumiputra investors approved by the Ministry of Trade and Industry.

In addition, there will be an offer for sale of 25 million shares by way of private placement to identified investors.

ACO has earmarked 25.86% of the proceeds to set up new sales outlets and lighting concept store, 15.39% for a new head office and distribution centre in Johor and 12.32% for the purchase of new trucks and IT system upgrades.

For the financial ended Feb 28, 2019 the ACO reported a revenue of RM134.37 million and a profit after tax of RM7.42 million.

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