Kuala Lumpur: Saliran Group Bhd, a supplier and distributor of pipes, fittings and flanges as well as related parts and accessories and steel products, signed an underwriting agreement with Malacca Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market Are. Bursa Malaysia Securities Bhd.
Established in 2011, Saliran and its subsidiaries have built a reputation for delivering high quality products such as pipes, fittings and flanges as well as steel products that are primarily used to support industrial processing, refining and manufacturing activities. Used in oil and gas industry. Saliran also manufactures custom fittings and flanges, providing tailored solutions to meet specific industry needs. With extensive networks spanning Malaysia, Indonesia, Singapore, China, South Korea and Vietnam, the Group is well positioned to capitalize on industrial and infrastructure growth opportunities in Southeast Asia.
Saliran’s IPO involves the issuance of 80.4 million new shares (Issue Shares), constituting 21% of the company’s increased issued share capital of 382.9 million shares, along with an offer for sale of 38.3 million shares (Offer Shares), which Represents 10%. Increased issued share capital.
Under this agreement, Malacca Securities will underwrite 26.8 million issue shares designated to the Malaysian public through public voting and pink form allotment. The remaining 53.6 million issue shares will be issued to selected Bumiputra investors approved by the Ministry of Investment Trade and Industry and 38.29 million offer shares will be offered to selected investors along with the selected investors.
Liaw Choon Wei, Managing Director of Saliran, said that this underwriting agreement is an important milestone in Saliran’s path to becoming a publicly listed company and that the IPO will help advance their growth strategy, particularly expanding their presence in Indonesia. This will help in increasing inventory capacity and seizing the emerging market opportunities. In Southeast Asia.
Saliran received Bursa Securities approval for listing on Bursa Malaysia’s ACE Market on November 7, 2024 and plans to list by March 2025, with Malacca Securities being the lead advisor, sponsor, underwriter and placement agent for the IPO exercise.
