KUALA LUMPUR: Vestland Bhd has inked an underwriting agreement with AmInvestment Bank Bhd whereby the bank will underwrite a total of 74.96 million ordinary shares in conjunction with the former's initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, Vestland said its IPO comprising 240.8 million ordinary shares entailed a public issue of 170.0 million new shares and an offer for sale of 70.8 million existing shares.

Vestland is principally involved in the provision of construction services through its wholly-owned subsidiary, Vestland Resources Sdn Bhd.

Vestland group managing director Datuk Liew Foo Heen said the company planned to use the IPO proceeds to, among others, supplement its working capital requirements in line with the growth in the company's business operations.

“We aim to provide total solution, with a single point of contact to our customers to deliver better quality and execution for our clients. Our vision is to continue to build on our prospects as well as strengthen our position in the market, and deliver long-term value to all our stakeholders,” he said.

Vestland is expected to launch its prospectus by end-December 2022.