KUALA LUMPUR (April 10): Advancecon Holdings Bhd, an earthworks and civil engineering services group that is set to be listed on Bursa Malaysia’s Main Market in mid-2017, today signed the underwriting agreement for the initial public offer (IPO) with RHB Investment Bank Bhd. “The signing of the underwriting agreement not only reiterates the underwriter’s confidence in us, but also takes us a step closer in our IPO journey,” said group chief executive officer Datuk Phum Ang Kia. The IPO involves the issuance of 90 million new shares, and an offer for sale of 33 million existing shares by way of private placement to identified bumiputera investors. Advancecon, formed in 1990, plans to use the proceeds from the IPO for capital expenditure, working capital, repayment of borrowings and defraying listing expenses. Advancecon’s customer base includes property developers Eco World Development Group Bhd, Paramount Corp Bhd, Perbadanan Kemajuan Negeri Selangor (PKNS), Sime Darby Bhd, SP Setia Bhd and Tropicana Corp Bhd.

Source: The Edge Markets April 10, 2017 08:26 UTC