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PETALING JAYA: Teladan Setia Group Bhd is heading for listing on the ACE Market, with a public issue of 161.06 million new shares and an offer for sale of 40.8 million existing shares by way of a private placement.
Teladan Setia is a Malacca-based property developer, with completed projects worth RM2.1 billion in gross development value as of Nov 30, 2019. It currently has four ongoing projects namely, Taman Desa Bertam (Phase 1C), Taman Belimbing Setia, Taman Bertam Setia and Bali Residences.
According to the group’s prospectus exposure with the Securities Commission Malaysia, it has earmarked part of its gross proceeds from its initial public offering (IPO) to acquire landbank in either Malacca or the Klang Valley for future development.
The group has already selected four pieces of land in Tanjong Minyak, Malacca measuring 37.7 acres as it is located next to its completed, ongoing and future projects.
“Subject to future property market conditions, we intend to develop landed houses on this newly acquired land,” it said.
The rest of the proceeds from the IPO will go towards working capital, repayment of bank borrowings and the defrayment of bank borrowings.
For the financial period ended June 30, 2019, the group recorded a net profit of RM21.05 million, on revenue of 120.4 million.
Teladan Setia’s substantial shareholders are Teo Lay Ban (52%), Teo Lay Lee (16%), Teo Siew May (16%) and Wan Lei Chin (16%)
