Supergenics to raise RM5m from LEAP Market listing for expansion

TheEdge Thu, Nov 14, 2019 10:46am - 3 years View Original

KUALA LUMPUR: LEAP Market-bound Supergenics Bhd expects to raise RM5 million in gross proceeds from its excluded issue that involves placing out 25 million of the company’s shares to sophisticated investors, to fund the company’s expansion.

The Klang Valley-focused company, which expects to make its LEAP Market debut by mid-December, is principally involved in the provision of integrated turnkey solutions for the development of clean rooms and the provisions of management services for clean rooms.

It is now eyeing new projects in Penang, Johor and Sabah, as well as those located in Brunei and Indonesia.

At the launch of its Information Memorandum yesterday, the firm said it expects to use RM2 million or 40% from the excluded issue for general working capital, RM1 million for the development of a showcase clean room and RM1 million for the enhancement and development of its laboratory monitoring and control system. The remaining RM1 million will be used to defray expenses related to the listing exercise.

Upon its listing on the LEAP Market, Supergenics’ market capitalisation will be RM18.6 million, based on the issue price of 20 sen a share and an enlarged share capital of 93 million ordinary shares.

The remainder 68 million shares representing 73.1% of the excluded issue will be held by Supergenics’ promoters, with 46.7 million shares or 51.2% with its managing director Tan Bii Chau, and 20.4 million shares or 21.9% with its executive director Tan Pin Yuan, in the first 12 months after the proposed listing.

“The launch of our Information Memorandum, in conjunction with our proposed listing on the LEAP Market [of Bursa Malaysia], is a major milestone for Supergenics,” Bii Chau told reporters yesterday.

“We believe our [growth] plan and impending listing will provide us with multiple avenues of growth, opportunities moving forward. [So] I am confident that with this initial public offering, we can grow the business and the company even faster and bigger and stronger,” Bii Chau added.

The group posted a profit after tax of RM217,000 for the five months ended May 31, 2019, on a revenue of RM3.46 million.

Thinkat Advisory Sdn Bhd is the approved adviser, placement agent, custodian and continuing adviser for the listing.

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