malaysiang
KUALA LUMPUR, Bathroom and kitchen sanitary ware solutions provider Sorento Capital Bhd has obtained approval for listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement today, the company said its initial public offering (IPO) would entail a public issue of 155 million new ordinary shares and an offer for sale of up to 74 million shares, representing approximately 26.62 per cent of the company’s enlarged issued shared capital of 860 million ordinary shares.
Managing director Loo Chai Lai said the IPO approval signifies a crucial milestone for the company, as it granted them access to the equity capital market.
‘Since our founding in 2005, we have been dedicated to providing an extensive range of bathroom and kitchen solutions for both residential and commercial spaces.
‘With the proceeds from the listing exercise, we intend to strengthen our existing dealer support, expand our network of dealers, grow project-based sales and elevate brand recognition through investments in branding an
d marketing activities in Malaysia,’ he said.
Sorento Capital aims to be listed by the fourth quarter of 2024, with Alliance Islamic Bank Bhd as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
Source: BERNAMA News Agency
