Sentoria to raise RM51.6 mln via IPO for safari park project
Posted on February 1, 2012, Wednesday
IPO LAUNCH: (from left) AmInvestment Bank Bhd director/head of corporate finance Anuar Omar, Sentoria independent non-executive director Chung Wai hoong, joint managing director Datuk Chan Kong San, joint managing director Datuk Gan Kim Leong, executive director Thean Yain Peng and independent non-executicve director Lee Chaing Huat.
KUCHING: Sentoria Group Bhd (Sentoria), a property developer and resort operator will use a portion of the proceeds of its initial public offering (IPO) for the development of Bukit Gambang Safari Park.
In its press release yesterday, the group aimed to raise RM51.6 million, of which RM27.7 million would be allocated for working capital, RM11.2 million for repayment of bank borrowings, RM9 million for purchase of property, plant and equipment, and the balance RM3.7 million to defray listing expenses.
Sentoria’s IPO entailed a public issue of 60 million new ordinary shares an offer-for-sale of 40 million promoter’s shares.
Of the 60 million new ordinary shares under public issue, 20 million were allocated for publuc balloting and 10 million shares for eligible directors, employees and business associates of the group at IPO price of RM0.85 per share.
Meanwhile, 30 million shares would be allocated for private placement at a placement price of RM0.87 per share. The 40 million promoter’s shares, allocated for Bumiputera investors approved by the Ministry of International Trade and Industry, were priced at RM0.87 per share.
On the expansion front, Sentoria estimated to invest capital enpenditure of about RM48 million for the development of Bukit Gambang Safari Park, located in Bukit Gambang Resort City (BGRC). It targeted to commence operations by end-2012.
This would be the second theme park following Bukit Gambang Water Park in BGRC. Spanning 88.2 acres in Gambang’s secondary jungle, it aimed to feature animals in its natural surroundings.
“We believe it would be an additional attraction to pull even more visitors to BGRC.
“We are optimistic that Bukit Gambang Safari Park will follow the success of our first theme park, which has welcomed more than one million visitors since its opening in July 2009,” said Sentoria head of public and investors relations Nasiruddin Nasrun.
“We are confident that the addition of the second theme park in BGRC would stake our place as an up-and-coming leisure and hospitality destination for visitors in Malaysia and the region,” he added.
Barring unforeseen circumstances, Sentoria was slated to list in the first quarter of 2012.
