Kim Teck Cheong to debut on ACE Market on Nov 25

by **Cals** Thu 29 Oct 2015, 00:56

Kim Teck Cheong to debut on ACE Market on Nov 25

By Ahmad Naqib Idris / theedgemarkets.com | October 28, 2015 : 4:36 PM MYT

\KUALA LUMPUR (Oct 28): Consumer packaged goods manufacturer and distributor [size=16]Kim Teck Cheong Consolidated Bhd (KTC) will be making its debut on the ACE Market of Bursa Malaysia on Wednesday, Nov 25.

The company had today launched its initial public offering prospectus, pursuant to its public issue of 142 million new ordinary shares, whereby 34 million shares will be offered to the public.

Meanwhile, 16.255 million shares will be offered to its eligible employees and 91.745 million shares will be placed out to investors.

According to a statement by the company, the public issue applications will be open today, with the closing date on Nov 12. Balloting of applications will take place on Nov 16, with the shares to be allotted to successful applicants on Nov 23.

"Today, after 77 years, I am so proud to have seen KTC expand beyond Sabah to its neighbouring state, Sarawak. Of course, we might not seem very big if you were to compare us to other listed companies and international corporations. However, to us this step is a big achievement.

"Becoming a listed company is not going to be the height of our success, but it is definitely a step forward that will give us access to a broader market, and help to facilitate our expansion plans moving forward," said KTC managing director Datuk Lau Kok Sing.

He said KTC is involved in an industry with a market size of approximately RM6.8 billion in East Malaysia and RM33 billion in West Malaysia.

"We shall leverage on our wide distributions network, economies of scale and experience to capture the given market size to build and grow further," said KTC executive director Dexter Lau.

Going forward, the company said it is confident of maintaining its growth momentum in the years to come.

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