THE Securities Commission has approved the proposed listing of Bunseng Holdings Bhd, a wholesaler and distributor of building materials.
The Main Market listing is due to happen by third quarter of 2011.
Chairman and managing director Wong Kian Wah said the approval for listing is a significant milestone for the company since it would mark its 33-year anniversary of being in the hardware wholesaling and distribution industry.
"With this approval, Bunseng will be able to access the capital market to raise funds for its business and future expansion opportunities.
"We believe a listing on Bursa Malaysia will also raise our profile as a reputable hardware marketing and distribution company," he said.
Bunseng will issue 33.3 million new shares where 8 million of the shares will be available to Malaysian public via balloting, 5.3 million shares for eligible directors, employees and business associates of the Bunseng group while the remaining 20 million new shares are earmarked for private placement to identified investors.
Bunseng will also make an offer for sale of 45 million existing shares, out of which 16 million shares would be placed out to approved Bumiputera investors, and the remaining 29 million shares to other investors via private placement.
CIMB Investment Bank Bhd is the adviser for the initial public offering.