KUALA LUMPUR: KJTS Group Bhd plans to raise RM58.9 million from its initial public offering (IPO) upon its listing on the ACE Market of Bursa Malaysia on Jan 26, 2024.
The IPO comprised the issuance of 218.03 million new shares at 27 sen per share.
The IPO proceeds will be allocated RM44.9 million for business expansion, including RM40.4 million for the cooling
energy segment and RM4.5 million for office expansion in Malaysia, Thailand, and Singapore.
Additionally, RM8.1 million is earmarked for working capital, while RM5.8 million will cover listing expenses.
Executive Director Sheldon Wee Tah Poh said this step marks a significant milestone for KJTS, symbolising the company's commitment to growth and innovation in the building support services industry.
He added that this paves the way for the company to enhance its services and expand its reach in Malaysia, Singapore, and Thailand.
"We are optimistic about the future and the opportunities this IPO opens for our company.
"Our IPO also marks a significant step in scaling our operations and enhancing our service offerings in Malaysia, Singapore, and Thailand.
"The focus on expanding our cooling energy segment and our regional office network reflects our commitment to meeting the growing demand for high-quality building support services," he said in a statement.
KJTS has demonstrated consistent growth, underpinned by the company's expertise in engineering, procurement, construction, and commissioning (EPCC) of cooling energy systems, cleaning services, and facilities management (FM) services.
The company's commitment to quality, efficiency, and sustainability has established it as an established provider in Malaysia, Singapore, and Thailand.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and sole bookrunner.
.