KUALA LUMPUR: Sabah-based integrated property developer KTI Landmark Bhd debuted on the ACE Market today at 30 sen, the same as its initial public offering (IPO) price.
Some 15.5 million shares were traded.
The company raised RM48 million from its listing exercise as part of its expansion plans.
It plans to use RM20.7 million of the proceeds to supplement its general working capital requirements for The Logg which is the company's first mixed development project and also its first joint development project with Lembaga Pembangunan Perumahan dan Bandar (LPPB), the state agency in Sabah.
This includes construction costs, consultants' and professional fees, and local authority fees for the ongoing projects.
Another RM18 million will be used to partly fund the acquisition of land in Sabah within the vicinity of its existing landbank for future projects in Alamesra, Kota Kinabalu.
The remainder of the proceeds will be used to purchase the new industrialised building system (IBS) production line, upgrade software and systems, repay bank borrowings and listing expenses.
KTI issued 160 million new shares and making an offer for the sale of 45 million existing shares. This represents 20 per cent and 5.6 per cent of its enlarged share capital, respectively, at an issue price of 30 sen per share.