Listing Detail:
Listing Sought: ACE Market
Issue Price: RM 0.20
Par Value: RM 0.10

Dates:
Offer Period Open: 05/11/2012
Offer Period Close: 12/11/2012
Tentative listing date: 26/11/2012

Number of shares:
Public Issue: 85,000,000
Offer for Sale: 50,000,000
Private Placement: 130,000,000 **

** Of which 80,000,000 is part of Public Issue and up to 50,000,000 is part of Offer For Sale.

Stock Code: HHHCORP

Hiap Huat to raise RM17m from IPO

KUALA LUMPUR: Hiap Huat Holdings Bhd, which is seeking a listing on the ACE Market of Bursa Malaysia, plans to raise RM17mil from the initial public offer (IPO).

It said on Monday the IPO comprised of 85 million new 10 sen shares, of which 80 million would be placed out and the remaining five million units would be offered to the public.

Of the RM17mil, it would used RM8.2mil for working capital, RM4.5mil for capital expenditure, RM2.3mil to fund the listing process and the remaining RM2mil to repay bank borrowings.

Hiap Huat said the shareholders were also offering for sale 50 million existing shares which would be placed out.

The company, which is a used oil recycler, released its prospectus on Monday.

Its core activity is collecting, recycling, re-refining and producing recycled products.

The group stores, treats and recycles waste oil collected from industrial and commercial companies and then formulates them into end products ready to be used by end consumers.

The group's recycled end products derived mainly from its recycling and recovery process are sold under their own “AF1”, “Top Up”, “NEKKO”, “Cap Rumah” and “Flag” brand names.

Source: The Star - 5 Nov 2012