Listing Detail:
Listing Sought: ACE Market
Issue Price: RM 0.25
Dates:
Offer Period Open: 16 Oct 2019
Offer Period Close: 24 Oct 2019
Tentative listing date: 8 Nov 2019
Number of shares:
Public Issue: 97,687,000
Offer for Sale: 27,019,000
Private Placement: 99,764,800
Stock Code: SPRING
INITIAL PUBLIC OFFERING IN CONJUNCTION WITH OUR LISTING ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING:
(I) PUBLIC ISSUE OF 97,687,000 NEW ORDINARY SHARES IN OUR COMPANY ("SHARES") IN THE FOLLOWING MANNER:
20,784,400 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;
4,156,800 NEW SHARES AVAILABLE FOR APPLICATION BY OUR ELIGIBLE DIRECTORS AND EMPLOYEES AS WELL AS PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF OUR GROUP; AND
72,745,800 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY AND SELECTED INVESTORS
(II) OFFER FOR SALE OF 27,019,000 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS AT AN ISSUE/OFFER PRICE OF RM0.25 PER SHARE, PAYABLE IN FULL UPON APPLICATION.
Spring Art Holdings Berhad operates as a holding company. The Company, through its subsidiaries, design and manufacture ready-to-assemble furniture products for export markets.
Address & Contact:
Lot Plo 49, Jalan Rami 4, Kawasan Persindustrian Bukit Pasir,
84300 Bukit Pasir, Muar Johor, West Malaysia.
Phone: +60 6 985 9971
Email: info@springart.com
Website: http://springart.com/
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KUALA LUMPUR: Ready-to-assemble furniture products designer and manufacturer Spring Art Holdings Bhd plans to issue 97.69 million new shares enroute to its listing on the ACE Market of Bursa Malaysia.
The new shares represent about 23.5% of the enlarged share capital, the Johor-based company said in a statement on Wednesday as it signed an underwriting agreement with M&A Securities Sdn Bhd.
Spring Art said of the 97.69 million new shares, 20.78 million units would be offered to the public; 4.16 million new shares to eligible directors and staff and the remaining 72.75 million new shares to be placed out to selected Bumiputera investors.
As part of its listing exercise, the shareholders would place out 27.02 million shares to selected investors.
“Proceeds from the IPO will be used mainly to support its existing business and to expand its production capacity; general working capital and to be used to defray listing expenses for the IPO, ” it said.
Johor-based Spring Art, which designs and manufactures ready-to-assemble furniture items, said as part of the listing exercise, M&A Securities will underwrite 24.94 million new shares.
Signing on behalf of Spring Art were its managing director Jack Lim Kok Eng and executive director Yvonne Kwan Chian Poh while M&A Securities was represented by its managing director of corporate finance, Datuk Bill Tan.
“The listing exercise enable us to tap into the equity capital market for future fund raising and to provide us the financial flexibility to pursue future growth opportunities as and when they arise.
“Our ability to provide high quality products, coupled with our consistent and timely delivery of quality products have been instrumental in attracting new and recurring contracts from our clients, ” Lim added.
Spring Art is scheduled to be listed on the ACE Market of Bursa Securities by November 2019.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the listing exercise.
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OK, wait drop below IPO price, I go buy, hardly you can find m&a securities IPO success one
2019-10-25 18:14
spring is be listing tomorrow@8/11/2019. What is the opinion on this stock? Tumble first @ the opening price then rebound..
2019-11-07 11:46
neoZ
ok BUY
2019-10-22 17:24