Kuala Lumpur: Kulim (Malaysia) will look to list indirect subsidiary E. A. Technique in Kuala Lumpur.
E. A. Technique is a shipowner and operator of marine vessels for the transportation and offshore storage of oil and gas, and provider of port marine services. Its wholly-owned subsidiary Johor Shipyard and Engineering is involved in shipbuilding, ship repair and minor fabrication.
A proposed public issue of 114m new E. A. Technique shares representing 22.6% of the enlarged issued and paid-up share capital of the company will be put up for sale.
Under the proposed public issue, 25.2m issue shares will be available for application by the Malaysian public via a balloting process, 78.8m issue shares allocated by way of placement to institutional and selected investors, and 10m issue shares reserved for eligible directors and employees of E. A. Technique and its subsidiary.
"The proposed IPO will enable E. A. Technique to raise funds from the capital market to finance its business activities and expansion plans. Being accorded listing status will allow E. A. Technique Group greater financial flexibility when pursuing its business strategy and growth plans," said Kulim.
RHB Investment Bank has been appointed as the principal adviser for the proposed IPO which is expected to be completed by year-end. [15/04/14]