Construction firm Vestland gets Bursa's nod to list on ACE Market

• The IPO involves 240.8 million shares, comprising a public issue of 170 million new shares and an offer for sale of 70.8 million existing shares.

KUALA LUMPUR (Oct 14): Construction company Vestland Bhd has obtained Bursa Malaysia's approval to launch an initial public offering (IPO) on the ACE Market.

The IPO involves 240.8 million shares, comprising a public issue of 170 million new shares and an offer for sale of 70.8 million existing shares.

Vestland managing director Datuk Liew foo Heen said proceeds raised from the IPO would be used to supplement the group's working capital requirements.

"This IPO approval marks an important milestone in our history, and we aim to further solidify our footing in the construction industry by leveraging on our design and build capabilities," he said in a statement.

Of the new share issuance, 47.2 million shares will be made available to the Malaysian public while 27.7 million shares will be allocated to eligible directors and staff.

The remaining 95 million shares will be made available through private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (Miti).

For the existing 70.8 million shares offered for sale, 47.8 million will be allocated for private placement to selected investors and 23 million shares will be made available through private placement to Bumiputera investors approved by Miti.

AmInvestment Bank is the IPO's principal adviser, sponsor, placement agent and underwriter.