Gold Li Seals Underwriting Deal With M&A Securities Ahead For Its ACE Market IPO
Gold Li Holdings Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd as it gears up for its IPO on the ACE Market of Bursa Malaysia Securities Bhd.
Under its prospectus exposure, the Johor-based property developer will undertake a public issue of 117 million new shares and an offer for sale of 36 million existing shares, representing 25.5% of its enlarged share capital of 600 million shares upon listing.
Of the public issue shares, 30 million shares (5%) are allocated to the Malaysian public, while six million shares (1%) are set aside for eligible personnel. A further 42 million shares (7%) will be placed out to selected investors and 39 million shares (6.5%) earmarked for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
The offer for sale, comprises 36 million existing shares (6%), is to be placed out via private placement to Bumiputera investors approved by MITI.
According to the agreement, M&A Securities will underwrite 36 million shares covering the public and Pink Form allocations, with the remaining shares to be placed out through private placements.
Gold Li Managing Director Datuk Lee Tiau Huat said the proceeds from the IPO will primarily fund working capital and property development costs for ongoing and future projects, as well as listing expenses.
“The move is expected to reduce reliance on external financing, strengthen financial flexibility and support expansion of its landbank, including a planned transition into high-rise residential developments within Johor,” Lee said.
M&A Securities is acting as advisor, sponsor, underwriter and placement agent for the IPO.
