PETALING JAYA: Domestic container liner shipping operator MTT Shipping and Logistics Bhd signed a retail underwriting agreement with CIMB Investment Bank Bhd and Affin Hwang Investment Bank Bhd for its initial public offering (IPO) for its listing on the Main Market of Bursa Malaysia, targeted for the second quarter of the year.
The IPO will consist of a public issue of 633.5 million shares, with 571 million shares available to Malaysian and foreign institutional investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
In addition, 62.5 million shares will be offered under the retail tranche to the group’s directors and employees, as well as individuals who have contributed to the group’s success, together with the Malaysian public through balloting.
There will be no offer for sale of existing shares. All proceeds from the IPO will accrue entirely to the group.
MTT Shipping executive chairman Datuk Seri Ong Kean Lee said that, having established itself as the nation’s leading domestic container liner shipping operator, the group has always focused on striving for consistent improvement across its operational footprint.
“Backed by a proven track record of more than a decade, we have established a presence across key ports in Malaysia and have strategically grown our regional footprint across Southeast Asia and the Far East-Indian Subcontinent.
“The IPO represents an important next defining step in strengthening MTT Shipping’s capital base and corporate profile, enabling us to support the continued expansion of our shipping and logistics network, enhance operational efficiencies and pursue various growth opportunities.
“We are well poised for continued growth and look forward towards creating long-term value for our investors while positioning the group for sustainable growth in the years ahead.”
CIMB Investment Bank CEO and regional head of investment banking Nor Masliza Sulaiman said the investment bank is proud to partner with MTT Shipping on its coming listing, marking an exciting new chapter for the group.
“Having the privilege of supporting the group over the years, we have witnessed firsthand the strength of its leadership, disciplined execution and clear strategic vision, which has led to its market leadership in Malaysia’s container shipping sector today.
“Backed by a highly experienced management team with deep industry expertise, MTT Shipping’s prudent and structured growth approach has laid an exceptional foundation for its next phase of growth. We are confident that the group is well-positioned to strengthen its leadership in the domestic landscape and continue to scale new heights in its regional expansion.”
Affin Hwang Investment Bank CEO Hanif Ghulam said the investment bank is proud to have been involved in this significant milestone and looks forward to supporting the group in its next phase of growth.
CIMB Investment Bank is the principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for this IPO exercise. CLSA Ltd and CLSA Securities Malaysia Sdn Bhd are the joint global coordinators and joint bookrunners, while Affin Hwang Investment Bank is the joint bookrunner and joint underwriter.
