PT Resources shares offered to public oversubscribed by nearly 25 times

TheEdge Thu, Sep 15, 2022 05:31pm - 1 year View Original


KUALA LUMPUR (Sept 15): PT Resources Holdings Bhd, which is slated to be listed on the ACE Market on Sept 27, said its shares offered to the public under its initial public offering (IPO) have been oversubscribed by 24.48 times.

“A total of 7,947 applications for 681.51 million new shares with a value of RM245.34 million were received from the Malaysian public [for the 26.75 million shares made available], representing an overall oversubscription rate of 24.48 times,” the frozen seafood products retailer said in a statement.

Under the Bumiputera portion, PT Resources said 4,758 applications for 309.58 million shares were received for the 13.38 million shares made available, giving an oversubscription rate of 22.15 times.

For the public portion, 3,189 applications for 371.93 million shares were received for the 13.38 million shares made available, representing an oversubscription rate of 26.81 times.

Meanwhile, the 13.38 million new shares set aside for eligible directors, employees and persons who have contributed to the success of the group were fully subscribed.  

“Further, the placement agent (Mercury Securities Sdn Bhd) has confirmed that a total of 94.87 million new shares made available for application by way of private placement for selected investors and selected Bumiputera investors approved by MITI (the Ministry of International Trade and Industry) have been fully placed out,” said PT Resources.

Mercury Securities is also the principal adviser, sponsor, and underwriter for the listing exercise.

At an issue price of 36 sen apiece, PT Resources aimed to raise up to RM48.6 million from the issuance of the 135 million new shares under the IPO.

The group said it has earmarked RM17.64 million to build a new cold storage warehouse, ring-fenced RM27.18 million for working capital — specifically the purchase of raw materials, which mainly comprise fresh and frozen seafood and meat products — and allocated the remaining RM3.79 million to defray estimated listed expenses.

According to the IPO prospectus, PT Resources’ profit after tax for the financial year ended April 30, 2022 (FY22) stood at RM21.11 million, compared with RM16.06 million in FY21, RM12.23 million in FY20, and RM15.23 million in FY19.

Revenue totalled RM349.14 million in FY22, RM186.45 million in FY21, RM161.31 million in FY20, and RM116.4 million in FY19.

Read also:
ACE Market-bound PT Resources seeks RM49m from IPO to finance expansion 
Frozen seafood processor PT Resources signs underwriting agreement with Mercury Securities for ACE Market IPO

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