Pan Merchant Seeks To Raise RM67.6 Million From Ace Market
Business Times - 6 June 2025 View original article
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Pan Merchant Berhad seeks to raise RM67.6 million from its Initial Public Offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Malaysia).
At the IPO prospectus launch today, Pan Merchant Group Managing Director, Mr Wong Voon Ten stated that the IPO marked the initiation of a new phase in the Group’s growth strategy. Of the targeted RM67.6 million IPO proceeds, RM62.7 million will be accrued to Pan Merchant, while the balance RM4.9 million will be accrued entirely to the offeror. Out of the total proceeds
of RM62.7 million received by Pan Merchant, RM28.0 million will be allocated to capital expenditure for manufacturing plants, including the acquisition of machinery, equipment, and tools, as well as renovations to its manufacturing facilities.
A further RM7.0 million will be allocated for product development, as well as the remaining RM27.7 million for business expansion, general working capital, and defraying of listing expenses.
The IPO exercise entails a total of 250.2 million ordinary shares in Pan Merchant, comprising 232.2 million new shares and 18.0 million offer-for-sale shares. The total number of shares represents 27.3% of the enlarged share capital.
The group is looking to expand its international footprint and grow its global market share from 0.5% to 2.0% ~ 3.0% in the near future.
Pan Merchant is scheduled to list on the ACE Market of Bursa Malaysia on 26 June 2025. Affin Hwang Investment Bank is the principal adviser, sponsor, sole placement agent, and sole underwriter for the Group’s IPO exercise.
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