KUCHING: Red Sena Bhd (Red Sena) is on track to becoming Malaysia’s first listed food and beverage special purpose acquisition company (SPAC) as it launched its prospectus yesterday in line with its proposed listing on the Main Market of Bursa Malaysia Securities Bhd (Bursa Malaysia).
Red Sena will have no income-generating business at the point of listing, but is undertaking the initial public offering (IPO) to raise funds for the purpose of acquiring a branded, packaged food and beverage (branded packaged F&B) business, otherwise known as a qualifying acquisition (QA).
Speaking at the event, Tunku Datuk Mu’tamir Tunku Tan Sri Mohamed, independent non-executive chairman of Red Sena shared, “Prior to the launch of the Prospectus today, we have already secured investors, by way of private placement, for 90 per cent (720 million shares or RM360 million) of the total proceed of RM400 million to be raised via this IPO exercise.
“The retail portion comprised of 80 million or 10 per cent of the total Public Issue Shares, which has been fully underwritten, is now open for subscription by Malaysian public.”
Red Sena’s prospectus which was launched at the event today further disclosed that the Company has secured the following as its cornerstone investors: AFFIN Hwang Asset Management Bhd, Corston-Smith Asset Management Sdn Bhd, Fortress Capital Asset Management (M) Sdn Bhd, Maybank Asset Management Sdn Bhd, UOB Asset Management Sdn Bhd, RHB Asset Management Sdn Bhd, Pacific Straits Holdings Ltd and Dato’ Hew Han Seng.
“I would like to take this opportunity to record our appreciation to the cornerstone as well as the private placement investors for their confidence and support,” Mu’tamir said in his speech.
The company commenced its cornerstone investor road shows during the second half of September 2015 upon receiving Bursa Malaysia’s approval for the listing of and quotation for its entire issued and paid-up ordinary share capital and warrants on the Main Market of Bursa Malaysia during which Joseph Tan, chief executive officer together with Datuk Tan Ang Meng, chief strategy officer of Red Sena, presented the key contents set out in the prospectus.
In his closing remark, Mu’tamir thanked the principal adviser, RHB Investment Bank Bhd (RHB Investment Bank), the other advisors and professionals, placement agents and underwriters and the board and management team members for their effort and contribution in the course of the company’s IPO journey.
RHB Investment Bank is the principal adviser for the IPO. The joint placement agents for the private placement of 720 million shares are RHB Investment Bank and CIMB Investment Bank Bhd.
The closing of retail applications and the target listing date for Red Sena is scheduled for November 27, 2015 and December 10, 2015, respectively.