Tuju Setia builds up solid debut on Bursa
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Tuju Setia secures RM189mil construction contract
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KUALA LUMPUR (April 26): Construction services company Tuju Setia Bhd, which is slated to be listed on the Main Market of Bursa Malaysia on May 19, is planning to raise RM56 million from its initial public offering (IPO) for its growth plans.
In a statement in conjunction with its prospectus launch today, the company said its IPO involves a public issuance of 80 million new shares priced at 70 sen apiece, along with an offer for sale of 27 million existing shares.
Tuju Setia the first company to be listed on the Main Market in 2021 will have a market capitalisation of RM222 million upon the listing.
The construction company is slated to be listed on the Main Market on May 19.
Managing director Wee Eng Kong said RM32 million of the proceeds will be allocated for capital expenditure to purchase new construction machinery and equipment, and Building Information Modelling (BIM) system software to upskill its design and construction activities.
Tuju Setia is also planning to acquire land and construct new storage facilities for its machinery and equipment and improve the efficiency of maintenance works.
Speaking to reporters at the launch of its prospectus today, Wee said a further RM19 million will be set aside for working capital and RM5 million to defray listing expenses.