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IPO Kanger to raise RM20m from listing
by hlk Fri 06 Dec 2013, 17:02
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 06 December 2013 14:34
A + A - Reset
KUALA LUMPUR (Dec 6): Kanger International Bhd plans to raise RM20 million
from its initial public offering (IPO), according to the bamboo-flooring
manufacturer's prospectus.
The firm said its IPO involves the sale of 80 million new shares in the company
at 25 sen each. Kanger plans to be listed on Bursa Malaysia's ACE market this
December 23.
Kanger said it intends to use the IPO proceeds to finance its capital needs and
repay its bank loans.
While Kanger does not have a formal dividend policy, the firm said it expects to
earmark about 20% of its future annual net profit as dividends.
The company said it plans to adopt a "stable and sustainable" dividend policy.
This is to enable shareholders to participate in Kanger' profit while ensuring the
firm has enough funds to finance its growth.
Post listing, Kanger will have an expanded issued base of 430 million shares.
At the IPO price of 25 sen each, the company will have a market capitalisation
of RM107.5 million.
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 06 December 2013 14:34
A + A - Reset
KUALA LUMPUR (Dec 6): Kanger International Bhd plans to raise RM20 million
from its initial public offering (IPO), according to the bamboo-flooring
manufacturer's prospectus.
The firm said its IPO involves the sale of 80 million new shares in the company
at 25 sen each. Kanger plans to be listed on Bursa Malaysia's ACE market this
December 23.
Kanger said it intends to use the IPO proceeds to finance its capital needs and
repay its bank loans.
While Kanger does not have a formal dividend policy, the firm said it expects to
earmark about 20% of its future annual net profit as dividends.
The company said it plans to adopt a "stable and sustainable" dividend policy.
This is to enable shareholders to participate in Kanger' profit while ensuring the
firm has enough funds to finance its growth.
Post listing, Kanger will have an expanded issued base of 430 million shares.
At the IPO price of 25 sen each, the company will have a market capitalisation
of RM107.5 million.
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