Haily Group aims to raise RM20.4m from IPO

by TMR / pic credit: haily.my

HAILY Group Bhd aims to raise RM20.4 million from its upcoming listing on the ACE Market of Bursa Malaysia Securities Berhad through an Initial Public Offering (IPO) exercise.

In a statement today the company said the IPO involves a public issue of 30.00 million shares at RM0.68 each which is expected to raise gross proceeds of RM20.40 million.

“Of the 30.00 million shares, it is offering 8.92 million shares to the Malaysian public, 10.00 million to its eligible directors, employees and persons who have contributed to the success of the Group, and 11.08 million to selected investors by way of private placement,” said Haily.

Haily is principally a main contractor involved in building construction of residential and non-residential buildings in the Southern Region of Peninsular Malaysia, in particular, Johor and is also involved in the provision of rental of construction machinery.

Haily has completed approximately 65 building construction projects with a total contract value of RM1.29 billion since 2008.

“As a Grade 7 contractor with CIDB, this allows the Group to bid and carry out any size of building construction projects irrespective of the contract value,” said Haily.

Its client includes Mah Sing group of companies, Country View Resources Sdn Bhd, IOI group of companies, IJM Properties Sdn Bhd, as well as other private companies such as WB Land Sdn Bhd, Danau Homes Sdn Bhd and Connoisseur Food Generation Sdn Bhd.

“The listing exercise is an important next step which will increase the stature of our Group, thus enhancing our reputation as we market our construction services and expand our customer base in Malaysia. We are excited to provide an opportunity for investors and institutions to participate in our equity and continuing growth,” said Haily Executive Director See Tin Hai.

Currently, Haily has 18 on-going building construction projects as well as 2 civil engineering related construction projects. Its total secured contract value and unbilled contract value as at 10 June 2021 stood at RM460.04 million and RM249.58 million respectively. The ongoing projects are expected to be completed progressively between 2021 and 2023.