Wednesday, July 6, 2011

Bunseng gets SC approval to list on Bursa

KUALA LUMPUR: Bunseng Holdings Bhd has received approval from the Securities Commission to list on the Main Market of Bursa Malaysia Securities Bhd.

Bunseng is principally involved in the marketing and distribution of hardware products for the manufacturing, CONSTRUCTION [] and agricultural sectors

In a statement Wednesday, July 6, Bunseng chairman and managing director Wong Kian Wah said the approval for the listing was a significant milestone for the company, especially since it would mark its thirty-third year of being in the hardware wholesaling and distribution industry.

'With this approval, Bunseng will be able to access the capital market to raise funds for its business and future expansion opportunities.

'We believe a listing on Bursa Malaysia will also raise our profile as a reputable hardware marketing and distribution company,' he said.

In conjunction with the listing exercise, Bunseng will be issuing 33.3 million new shares of which 8 million new shares will be made available to the Malaysian public via balloting; 5.3 million new shares for eligible directors, employees and business associates of the Bunseng Group ('Bunseng Group' or 'Group') while the remaining 20 million new shares are earmarked for private placement to identified investors.

As part of the listing exercise, the Company will also make an offer for sale of 45 million existing shares, out of which 16 million shares would be placed out to approved Bumiputera investors, while the remaining 29 million shares to other identified investors via private placement.

Bunseng is scheduled to be listed on the Main Market by the third quarter of 2011.

CIMB Investment Bank Berhad is the Adviser for the IPO exercise.


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