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Carlo Rino to offer nearly 172mil shares as it moves up to ACE Market

KUALA LUMPUR: Women's accessories retailer Carlo Rino Group Bhd, currently listed on Bursa Malaysia's LEAP Market, has signed an underwriting agreement with TA Securities Holdings Bhd for its transition to the ACE Market.

Carlo Rino plans to launch an initial public offering (IPO) comprising 171.8 million new shares, or around 17.58 per cent of its enlarged issued share capital.

TA Securities will underwrite 49.67 million of these shares, representing 5.08 percent of the enlarged share capital.

This includes 48.8 million shares allocated to the public via balloting and 800,000 shares for the company's independent non-executive directors.

The remaining 122.1 million shares, or 12.5 per cent of the enlarged share capital, will be offered through private placement to selected Bumiputera investors approved by Investment, Trade and Industry Ministry.

Its managing director Datuk Seri Chiang Fong Yee said the IPO represents Carlo Rino's solid foundation and ambitious plans for future growth.

"With the proceeds, we aim to expand our flagship boutique and enhance our operational infrastructure," he said.

Carlo Rino is expected to be listed on the ACE Market in the current fourth quarter of 2024.

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