GW Plastics Holdings Bhd, one of the country's largest makers of flexible plastic packaging, targets RM12.2 million proceeds from its up initial public offering (IPO) on the Main Market of Bursa Malaysia.
The company is slated for listing in the fourth quarter of this year.
Established in 1971, GW makes and distributes a variety of industrial and consumer plastic packaging, including printed film, wicketed bags, general bags and lamination base film for local and international markets.
GW Plastics supplies to companies such as Nippon Kompo Shizai, Exxonmobil Chemical, Nozoe Industry Inc, ABC Tissues Products, Gardenia, President Bakery, and Malayan Sugar Manufacturing.
The IPO entails a public issue of 16 million new ordinary shares, and an offer-for-sale of 45.42 million vendor shares at an issue price of RM0.76 each.
Of the 61.42 million shares for public issue, 11.80 million will be allocated for the Malaysian public via balloting, 17.82 million shares for private placement to selected investors and 8.2 million shares for eligible directors, employees and business associates of the group and its subsidiaries.
Another 23.6 million shares are for Bumiputera investors approved by the Ministry of International Trade and Industry.
RHB Investment Bank Bhd is the adviser, sole underwriter and placement agent for the exercise.
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