KUALA LUMPUR, April 18 — Freight and logistics firm Tri-Mode System (M) Bhd aims to raise RM26.4 million from its initial public offering (IPO) at a targeted price of 61 sen a share.
The Star reported that the company launched its prospectus today and is targeting to sell 43.21 million new shares.
The new share issuance would entail an institutional offering of 30.71 million shares while the remaining 12.5 million shares are for the Malaysian public.
Tri-Mode is seeking to list on the ACE Market of Bursa Malaysia on May 11, two days after the 14th general election.
Its group managing director Datuk Hew Han Seng was quoted as saying that around 58.8 per cent of the proceeds would be used for the construction of its headquarters and distribution hub, as well as the purchasing of new fleets of prime movers and trailers.
“Going for IPO would take the company to the next level of expansion. We are also eyeing to expand into the e-commerce segment, of which we have signed with an agreement with a foreign company to use their e-commerce platform in Malaysia,” Hew was quoted as saying.
He added that Tri-Mode has secured a license from the Malaysian Communications and Multimedia Commission or MCMC to operate in the e-commerce space.
