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Ivory Properties to raise RM44.9m from IPO

KUALA LUMPUR: Penang-based Ivory Properties Group Bhd, which seeking a listing on the Main Market, plans to raise up to RM44.90 million from its proposed listing exercise.

It is offering 44.89 million new shares of 50 sen each at RM1 each, of which 9.3 million new shares would be offered to the public.

The company said on Monday, July 12 that 34.029 million new shares would be placed out to selected investors; and 570,000 new shares for Bumiputera investors approved by the Ministry of International Trade and Industry (MITI).

It is also offering for sale of 16.17 million shares to Bumiputera investors approved by MITI. It added one million new shares would be offered to eligible directors, employees and business associates of Ivory and its subsidiaries.

"Of the gross proceeds of RM44.90 million from its public issue and right issue, RM10.0 million will be used to repay bank borrowings, RM31.50 million for working capital and RM3.40 million for estimated share issue expenses," it said in a statement issued at the release of the prospectus.

Ivory had undertaken projects with a gross development value (GDV) of RM1.51 billion for completed and on-going property development projects.

Ivory's chairman and group chief executive officer Datuk Low Eng Hock said the completed property development projects accounted for RM675.62 million of the GDV and on-going property development projects RM834.09 million, scheduled for completion within the next few years.

"Ivory's listing will further enhance Ivory and its subsidiaries' ability to complete the property development projects and will also beef up the group with the financial muscle to undertake bigger projects, both within the country and abroad," said Low.

The balloting of the public issue shares is on July 21 and scheduled for listing on July 28. AmInvestment Bank Berhad is the adviser, managing underwriter, underwriter and sole placement agent.

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