GDB inks UA with Alliance Investment for IPO

by TMR

GDB Holdings Bhd has inked an underwriting agreement (UA) with Alliance Investment Bank Bhd for its proposed initial public offering (IPO) exercise on the ACE Market in the first quarter of this year.

The construction services firm noted in a statement yesterday that the proceeds from the IPO will be used for capital expenditure (capex) and working capital.

GDB’s customers consist of property developers and corporations, including Perdana ParkCity Sdn Bhd, Selangor Properties Bhd, Trans Resources Corp Sdn Bhd and Etiqa Insurance Bhd.

GDB’s IPO will result in the public issue of 125 million new shares representing 20% of the group’s enlarged share capital.

Some 12.5 million shares will be offered to the public and 15 million shares to eligible directors, employees and persons who have contributed to the success of the group.

Meanwhile, some 25.6 million shares will be allocated for private placement and 71.9 million shares for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry. — TMR