COLFORM SIGNS UNDERWRITING AGREEMENT WITH MERCURY SECURITIES FOR ITS UPCOMING IPO ON THE ACE MARKET

KUALA LUMPUR, MALAYSIA, December 6, 2024 /EINPresswire.com/ -- Colform Group Berhad ("Colform" or the "Group"), an established steel and building material specialist in East Malaysia, is pleased to announce that it has entered into an underwriting agreement with Mercury Securities Sdn. Bhd. ("Mercury Securities") today for its upcoming initial public offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad.

With over 20 years of experience, Colform has solidified its role as a trusted partner, delivering end-to-end steel solutions to support Malaysia's construction development from concept to completion. Headquartered in Sabah, Colform’s offerings span across various types of downstream steel products such as roofing sheets, wall claddings and IBS steel framing systems—providing cost-efficient, labor-saving solutions tailored to meet industry standards. Colform serves a diverse clientele, including government, commercial, and private sectors, embodying reliability and innovation in every project.

The IPO involves the issuance of 114,424,000 new ordinary shares ("Issue Shares"), representing 19.07% of Colform’s enlarged issued share capital, and an offer for sale of 54,000,000 ordinary shares ("Offer Shares"), representing 9.00% of the enlarged issued share capital upon the Group’s listing.

The Issue Shares will be allocated in the following manner:

• Malaysian Public: 30,000,000 Issue Shares, representing 5.00% of the enlarged issued share capital, will be made available for application by the Malaysian public through balloting.
• Eligible Persons: 6,000,000 Issue Shares, representing 1.00% of the enlarged issued share capital, will be reserved for eligible directors, employees, and contributors to the Group’s success.
• Selected Investors: 3,424,000 Issue Shares, representing 0.57% of the enlarged issued share capital, will be allocated via private placement to selected investors.
• Bumiputera Investors: 75,000,000 Issue Shares, representing 12.50% of the enlarged issued share capital, will be allocated via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).

In addition, 54,000,000 Offer Shares, representing 9.00% of the enlarged issued share capital, will be offered via private placement to selected investors.

Mercury Securities will underwrite the 36,000,000 Issue Shares made available for application by the Malaysian public and eligible persons.

Mr. Kang Ket Hung, Managing Director of Colform Group Berhad, shared his enthusiasm for the IPO, stating, " The ACE Market listing is a pivotal milestone for Colform, providing us with an enhanced platform for growth and expansion. This opportunity will not only elevate our brand presence but also enable our directors, employees, business partners, and public investors to participate in our journey, fostering long-term value creation. From concept to completion, we are excellence, precision, reliability, integrity, and committed in every aspect. We are grateful to Mercury Securities for their strong support and trust in our Group."

He further commented, " This listing will empower Colform to scale new heights by tapping into emerging markets and responding effectively to the evolving needs of the steel industry. We remain committed to delivering superior steel solutions that exceed customer expectations, driving sustainable growth and innovation."

William
Swan Consultancy
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