Gabungan AQRS signs MoU with AFFIN

KUALA LUMPUR: Gabungan AQRS Bhd, enroute for listing on the main market of Bursa Malaysia Securities Bhd, has signed an underwriting agreement with AFFIN investment Bank Bhd.

In a statement today, Gabungan AQRS said under the agreement, it would make a public issue of 62 million new ordinary shares at a par value of 25 sen each.

"The bank will underwrite the 18 million shares available for application by the Malaysian public and six million shares available for application by the eligible directors and employees of Gabungan AQRS and its subsidiaries and persons who have contributed to the success of the group," it said.

As part of the listing exercise, Gabungan AQRS will acquire the entire issued and paid-up capital of four building and civil engineering construction companies and a property development company for RM73.38 million which will be satisfied through a share swap.

Chief Executive officer Ng Chun Kooi said the public listing was timely as it would enable Gabungan AQRS to tap the capital market to realise its future plan that has been mapped out to stamp its mark as one of the leaders in the construction industry.

"We are buoyed by the prospects for the group and look forward to exciting times ahead in line with the roadmap that we have charted in going forward," he added. - BERNAMA