KUALA LUMPUR (July 6): Kumpulan Kitacon Bhd is offering up to 138.59 million shares in an initial public offering (IPO) as it seeks to list on Bursa Malaysia’s main market, according to its prospectus posted on the Securities Commission Malaysia website on Tuesday (July 5).
The 138.59 million shares include 76.09 million new shares and an offer to sell 160 million existing shares.
The issue price as well as the opening and closing dates of the IPO have not yet been set.
Of the 138.59 million new shares, a total of 62.5 million shares will be allocated to bumiputera investors approved by the Ministry of Industry and Trade (MITI), Malaysian institutional and selected investors ( other than MITI-approved bumiputera investors) and foreign institutional investors. and selected investors.
The 8.59 million share offering will be allocated to directors of Kitacon, eligible employees of the group and its subsidiaries, individuals who have contributed to the success of the group and the Malaysian public.
Based on the prospectus exposure, Kitacon is an investment holding company, while its proposed subsidiary is primarily involved in the provision of construction services.
“We have been in the building construction industry for approximately 32 years since the start of operations of our subsidiary, Kitacon Sdn Bhd, in 1990, where we started with various small scale construction and contracting works, including renovations and construction of an industrial building.
“We have been registered with the CIDB (Construction Industry Development Board) as a contractor since 1996, and subsequently received the certificate of registration from the CIDB in 1997 as a G7 contractor.
“Since 1990, we have completed a range of building projects, including residential, commercial, industrial, purpose-built and institutional buildings,” he said.
He also pointed out that he has established long-term business relationships with his clients, including Sime Darby Property Group, SP Setia Group and Worldwide Group.
For the financial year 2021, the group recorded a net profit of RM41.83 million, up 6.71% from the previous year, while annual revenue decreased by 6.97% to 455 RM.5 million.
RHB Investment Bank Bhd is the lead adviser, managing underwriter and placement agent for the IPO.