From left: Colform Group non-independent executive director Kang Phui Ting, non-independent non-executive director Kang Ah Hin, managing director Kang Ket Hung, independent non-executive chairman Datuk Ali Ahmad Hamid, executive director Kang Phui Yie and Mercury Securities head of corporate finance Eric Chong
KUALA LUMPUR: Colform Group Bhd aims to raise RM41.19mil from its initial public offering on the ACE Market of Bursa Malaysia to expand is steel manufacturing and installation operations.
Following the launch of its prospectus, the steel and building material specialist based in East Malaysia shared its plans for the proceeds it aims to raise via an issuance of 14.42 million new shares at 36 sen per share.
Of the funds, RM9mil will be used to set up a colour coil coating production line at its Kota Kinabalu factory, while RM4.5mil will go towards constructing a new storage facility in Kota Kinabalu.
RM5.1mil will be utilised for business expansion into Peninsular Malaysia, including establishing a branch office and leased factory in Klang.
Of the remaining funds, RM18.09mil will be for working capital, and RM4.5mil for listing expenses.
"Since our inception in 2003, Colform has grown from humble beginnings into a provider of comprehensive steel solutions. From concept to completion, we deliver tailored services spanning design, production, and installation, including Industrialised Building System (IBS) framing systems.
"Our ability to adapt and evolve with changing customer demands has been key to our success, enabling us to offer innovative, tailor-made solutions that meet industry needs," said Comform managing director Kang Ket Hung in a statement.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for Colform.
Appliacations for the IPO opened at 10am today following the launch of the prospectus, and will close on Jan 23, 2025.
The company is expected to make its debut on the ACE Market on Feb 10, 2025.
Based on an IPO price of 36 sen per share, it will have a market capitalisation of RM216mil.
