Bunseng, Gabungan AQRS get SC nod for IPO

KUALA LUMPUR: Hardware wholesaler Bunseng Holdings Bhd and construction outfit Gabungan AQRS have received the go-ahead from the Securities Commission (SC) to list on the Main Market of Bursa Malaysia Securities.

Bunseng chairman and managing director Wong Kian Wah said this would enable the company to access the capital market to raise funds for its business and future expansion opportunities.

"We believe a listing on Bursa Malaysia will also raise our profile as a reputable hardware marketing and distribution company," he said in a statement on Wednesday, July 7.

Bunseng, principally involved in the marketing and distribution of hardware products for the manufacturing, construction and agricultural sectors, will issue 33.3 million new shares of which eight million will be available to the Malaysian public via balloting and 5.3 million new shares for eligible directors and employees.

The remaining 20 million new shares are earmarked for private placement to identified investors.

As part of the listing exercise, the company will also make an offer for sale of 45 million existing shares, of which 16 million shares will be placed out to bumiputra investors and the balance 29 million shares to other identified investors via private placement.

Gabungan AQRS, which is an enlarged group of four main building, civil engineering, construction and property development companies, will make a public issue of 62 million shares and an offer for sale of 30 million shares.

As part of the exercise, Gabungan AQRS will acquire the entire paid-up capital of Gabungan Strategik Sdn Bhd, Pembinaan Megah Ikhlas Sdn Bhd, Motibina Sdn Bhd and AQRS The Building Company Sdn Bhd for RM73.38 million via a share swap.

Gabungan AQRS CEO Alvin Ng Chun Kooi said as an enlarged group with extensive exposure and experience in construction, it is well positioned to seize opportunities.

"Our public listing is therefore timely for us to capitalise on our synergistic benefits and economies of scale to ride on the wave of the exciting and promising prospects that construction and property development offer," he said in a statement on Wednesday.

Bunseng and Gabungan AQRS are scheduled to be listed on the Main Market by the third quarter this year.

CIMB Investment Bank Bhd is the adviser for Bunseng and Affin Investment Bank Bhd for Gabungan AQRS.