Signature Alliance Group (SAG) has successfully listed on the ACE Market of Bursa Malaysia, marking a significant milestone for the company on June 5. Their recently completed initial public offering (IPO) has attracted a lot of attention. It recorded a 1.12 times subscription rate for the bumiputera portion of its public portion.
SAG’s overall market cap has surpassed RM620 million. IHH added that they have fixed the issue price at 62 sen per share. The company announced an enlarged share capital of 1.0 billion shares, a clear indication of its ambition to broaden its market footprint. SAG attracted an overwhelming response of 1,233 applications for a total of 56.07 million new shares to be issued, which represent a value of RM34.76 million.
The bumiputera public portion saw an overwhelming response of 327 times, with 28 million new shares taken up. This segment, too, was oversubscribed—1.12 times—showing great demand for this type of investment among investors.
SAG has created 30 million new shares. These shares provide an opportunity to reward deserving directors, employees and those who have contributed to the success of the company. This amount has been fully subscribed, a testament to the internal confidence of this company’s trajectory. SIGNATURE International Bhd has undertaken a restricted offering to shareholders that entitles 20 million new shares to be issued. All of these shares have been fully subscribed!
Further, the 160 million shares to be distributed on application basis via private placement to bumiputera investors approved by the Ministry of Investment, Trade and Industry and selected investors have been fully placed out, SAG said through Bernama.
The company’s executive management expects that the proceeds from this IPO will play an important role in their aggressive growth strategy. Darren Chang noted, “IPO proceeds will enable the group to further accelerate its plan to establish a new corporate office and production facility in Selangor while increasing automation and strengthening its project delivery capabilities.”
The non-bumiputera public portion was the most highly attended portion of the event. The initial public offering (IPO) attracted a subscription rate of 1.12 times as a total of 906 applications were received for the 28.1 million new shares.
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