KUCHING: Sasbadi Holdings Bhd (Sasbadi) aims to raise RM25.23 million from its initial public offering (IPO) which will be used for the establishment of applied learning centres, part-financing of proposed acquisition of publishing businesses, as well as financing of proposed acquisition of an office cum warehouse building. The remainder of the IPO proceeds will be used for working capital and listing expenses.
(From left) Lim, En Ruey, Swee Hang, Rupawalla, Salleh, King Hui, Eng Sang and Noor Rezan posing with the prospectus during its launch yesterday.
This was highlighted during its prospectus launch yesterday in conjunction with its listing of and quotation for its entire issued and paid-up ordinary share capital on the Main Market of Bursa Malaysia Securities Bhd (Bursa Malaysia).
Sasbadi is one of the leading educational publishers in Malaysia, with 29 years of experience in the industry.
Managing director of Sasbadi, Law King Hui said, “This marks a significant milestone for us because we are now able to offer a chance to the general public as well as our employees, customers and others who have contributed to our success, to participate in the Group’s equity as we aim for greater financial success.
“Malaysia is a steadily growing and developing nation. With the government’s Vision 2020, which seeks to make our country a fully developed nation by the year 2020, there is a clear need for continued development of our education system in order to produce the future leaders to drive this ambition.
“Recognising this, we intend to hasten our growth in order to play a significant role in supporting the nation’s vision and will be further expanding our current resources to achieve this.” Law continued.
Sasbadi’s IPO entails a public issue of 21.20 million new ordinary shares of RM0.50 each with 6.35 million new shares available for application by the public.
Meanwhile, 5.7 million new shares will be available for application by the group’s eligible directors, employees and persons who have contributed to the success of the group. Finally, 9.15 million new shares will be made by way of placement to selected investors.
In addition, the IPO also includes an offer for sale of up to 35.95 million existing shares in the following manner: 12.7 million existing shares by way of placement to Bumiputera investors approved by the Ministry of International Trade and Industry and 23.25 million existing Ssares by way of placement to selected investors.
Alliance Investment Bank Berhad is acting as the principal adviser, underwriter and placement agent for this IPO exercise.
The prospectus launch was graced by Sasbadi independent non-executive director Lim Hun Soon, shief operating officer, Law En Ruey, executive director Lee Swee Hang, chief executive officer Mahesh P. Rupawalla, independent non-executive chairman Datuk Salleh Mohd Husein, executive director Lee Eng Sang and independent non-executive director Datuk Noor Rezan Bapoo Hashim.