Yes Group Inks Underwriting Agreement With Malacca Securities For ACE Market IPO
KUALA LUMPUR, Sept 22 (Bernama) -- Yes Group Management Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd for its initial public offering (IPO), in conjunction with the company’s upcoming listing on the ACE Market of Bursa Malaysia.
The company operates the “Yes Travel” brand and is a Meetings, Incentives, Conferences, and Exhibitions (MICE) specialist, principally providing customised incentive travel solutions, as well as event planning and management solutions.
The IPO comprises a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares, representing a total IPO offering of 137.80 million shares.
“Of the issued shares, 26.50 million shares, or 5.00 per cent of the enlarged issued share capital, are for the public, with half allocated to public investors and the other half to Bumiputera public investors.
“Additionally, 5.30 million shares (1.00 per cent) are set aside for eligible directors, employees and contributors to the group through pink form allocations, while 60.07 million shares (11.33 per cent) will be placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI),” it said in a statement.
The company said 6.18 million shares, representing 1.17 per cent of its enlarged issued share capital, will be offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), while 39.75 million shares, or 7.50 per cent, will be placed with selected investors.
Under the underwriting arrangement, Yes Group said Malacca Securities will underwrite 31.80 million new shares, comprising 26.50 million new shares made available for application by the Malaysian public and 5.30 million new shares made available under the pink form allocations.
Yes Group managing director Angela Mak Shau Kwan said the company’s focus remains on strengthening its position in corporate incentive travel and MICE solutions, while building the necessary capabilities to support long-term business expansion.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
-- BERNAMA