KUALA LUMPUR: Winstar Capital Bhd has received approval from Bursa Malaysia Securities Bhd (Bursa Malaysia) to list on the ACE Market by the fourth quarter of 2024.

The company's initial public offering (IPO) involves the issuance of 73.95 million ordinary shares, comprising a public issue of 56.55 million new shares and a sale of 17.40 million existing shares, together representing 25.5 per cent of Winstar's enlarged issued share capital of 290 million shares.

Of the 56.55 million new shares, 14.50 million will be open for application by the Malaysian public, while 15.95 million shares will be allocated to eligible directors and employees.

The remaining 26.10 million shares will be offered through a private placement to selected investors. Additionally, the 17.40 million existing shares will be offered via private placement.

Non-independent executive director and chief executive officer Vincent Chua Boon Hong said Winstar intends to use part of the IPO proceeds to acquire four aluminium extrusion lines, with a combined capacity of 8,580 tonnes, to be installed at a new factory, enhancing the group's production capacity.

"With expanded product offerings and increased production capacity, we aim to capture a larger share of the domestic aluminium extrusion and aluminium profiles markets going forward," Chua said in a statement.

Winstar is primarily an investment holding company, with subsidiaries engaged in aluminium profile extrusion and ladder fabrication, building materials trading and distribution, solar PV system installation services, and trading of solar PV-related materials and accessories.