KUALA LUMPUR, May 6 — Sin-Kung Logistics Bhd’s initial public offering (IPO) has been oversubscribed by 26.5 times, ahead of its listing on the ACE Market of Bursa Malaysia on May 15, 2024.
In a statement, the integrated logistics service provider said it received a total of 13,179 applications seeking 1.7 billion shares for the 60 million shares allocated to the Malaysian public.
“The Bumiputera public portion of shares was oversubscribed by 21.7 times after a total of 7,360 applications for 680.7 million new shares received.
“For the non-Bumiputera public portion, a total of 5,819 applications for 971.8 million new shares were received, which represent an oversubscription rate of 31.4 times,” said the company.
It said that the 45.0 million shares available for application by eligible directors, employees, and persons who have contributed to the company’s success have been fully subscribed.
Meanwhile, Sin-Kung Logistics said the private placement of 198.5 million shares made available for application by private placement to Bumiputera investors has also been fully placed.
The notices of allotment will be posted to all successful applicants on or before May 13, 2024. — Bernama
