Sin-Kung Logistics inks underwriting agreement for ACE Market IPO

SIN-KUNG Logistics Bhd has finalised an underwriting agreement with M&A Securities Sdn Bhd for its forthcoming initial public offering (IPO) on Bursa Malaysia’s ACE Market.

The IPO encompasses a public issue of 200 million new shares and an offer for sale of 103.5 million existing shares, representing 16.7% and 8.6% of Sin-Kung Logistics’ enlarged share capital, respectively.

Of the new shares, 60 million will be offered to the public via balloting, 45 million for eligible directors, employees, and contributors under pink form allocations, and the remaining 95 million earmarked for private placement to Bumiputera investors approved by the International Trade and Industry Ministry.

Regarding the offer for sale portion, 55 million shares are set aside for private placement to approved Bumiputera investors, while 48.5 million shares will be allocated via private placement to selected investors.

Sin-Kung Logistics MD Alan Ong expressed that the underwriting represents a significant milestone for the company, reflecting its growth in the trucking business.

Established in 1994, Sin-Kung Logistics operates as an integrated logistics service provider, specialising in trucking services with a focus on airport-to-airport road feeder services across Peninsular Malaysia, Singapore, and Thailand.

Additionally, it offers container haulage, warehousing, distribution, brokerage, forwarding, express delivery, and cargo escort services to a diverse clientele including airlines, freight forwarders, manufacturers, and online retailers.

The company operates 460 commercial vehicles and five warehouses in central and northern regions, supporting its diverse logistics operations. — TMR