99 Speed Mart signs retail underwriting agreement for Main Market IPO


From left: RHB Investment Bank executive director, head, group capital market & advisory Jaimie Sia, 99 Speed Mart Retail Holdings non-independent non-executive chairman Datuk Chua Tia Guan, 99 Speed Mart executive director and chief executive officer Lee Thiam Wah, CIMB Investment Bank regional head, investment banking and deputy chief executive officer Nor Masliza Sulaiman and Affin Hwang Investment Bank chief executive officer Nurjesmi Mohd Nashir.

KUALA LUMPUR: 99 Speed Mart Retail Holdings Bhd (99 Holdings) has signed a retail underwriting agreement with CIMB Investment Bank Bhd, Affin Hwang Investment Bank Bhd and RHB Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO).

99 Holdings is targeted to be listed on the Main Market of Bursa Malaysia Securities in the third quarter of 2024.

99 Holdings runs the "99 Speedmart" chain, selling daily necessities and fast-moving consumer goods through over 2,600 mini-market outlets across Malaysia.

The group’s IPO of up to 1.43 billion ordinary shares (IPO Shares) will comprise an offer for sale of up to 1.028 billion existing ordinary shares (offer shares) and a public issue of 400.0 million new ordinary shares (issue shares).

The institutional offering will involve up to 1.21 billion shares, representing 14.5% of the company's enlarged issued shares while the retail offering will consist of 210.0 million shares, representing 2.5% of the enlarged issued shares.

CIMB Investment Bank as the sole managing underwriter, along with Affin Hwang Investment Bank and RHB Investment Bank as the joint underwriters will jointly underwrite the entire retail offering of the IPO.

“We are excited to embark on the next phase of our growth journey. By tapping into the capital markets, we can accelerate our expansion plan and continue scaling our store network to expand our footprint in Malaysia. This will further solidify our position as the largest mini-market chain retailer in Malaysia, enhancing our brand recognition in the region. It will also drive consumer engagement and enable the public to participate in the company’s growth,” 99 Holdings founder and chief executive officer Lee Thiam Wah said in a statement.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Wasco debuts Asean sustainable finance framework
KIP-REIT buys retail asset in Perak
Jakarta fears labour law refit will impact fund flows
Stronger second half seen for Hap Seng Plantations
Senate probes unauthorised transactions
Vietnam lauds benefits of WTO membership
MAA projects vehicle sales to hit 800,000 in 2024
MISC’s net profit slips to RM339mil in 3Q
New contracts to drive Dayang’s profit
Govt monitoring AI use in human-resource sector

Others Also Read