PETALING JAYA: Construction services company Kumpulan Kitacon Bhd (Kitacon) today received approval from the Securities Commission Malaysia to list on the Main Market of Bursa Malaysia Securities.
Kitacon, through its proposed wholly owned subsidiary, Kitacon Sdn Bhd, specialises in township construction which includes the construction of both residential and non-residential buildings within a development. The group was involved in the township construction projects such as Tropicana Aman, City of Elmina, Serene Heights, Setia Eco Park and Eco Majestic.
Kitacon managing director Tan Ah Kee said the group aims to leverage on its track record and quality services to continue to grow its core competency and deliver long-term value to all of its stakeholders.
“We intend to use the proceeds from the initial public offering (IPO) to support our business growth and strengthen our footing in the construction industry. We are confident that we will be able to grow our business moving forward, leveraging on long established business relationships which we have built with our customers over the years,” Tan said in a statement.
The IPO entails a public issue of 76.09 million new shares and an offer of sale of 62.50 million existing shares. Out of the shares allocated for the public issue, 10 million will be made available for application by the Malaysian public; 8.59 million will be made available for application by the eligible directors, employees and persons who have contributed to the success of Kitacon and its proposed subsidiary; and the remaining 57.50 million shares will be made available to institutional and selected investors by way of private placement.
RHB Investment Bank Bhd is the principal adviser, sole underwriter and sole placement agent for the IPO exercise.
