KUALA LUMPUR: Golden Destinations Group Bhd has entered into an underwriting agreement with UOB Kay Hian (M) Sdn Bhd (UOBKH) for its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
The full-service outbound travel experience curator said the IPO entails a public issue of 200 million new shares (issue shares) and an offer for sale of 100 million existing shares (offer shares).
Of the IPO shares, 50 million shares are made available for application by the Malaysian public of which 25 million of issue shares are set aside for bumiputera investors via balloting.
“A further 35 million IPO shares are reserved for eligible directors and employees of the group as well as persons who have contributed to the success of the group and 90 million IPO shares are made available by way of private placement to identified institutional and/or selected investors,” it said in a statement.
A total of 25 million IPO shares are made available via private placement to identified bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
The offer for sale comprises 100 million offer shares made available by way of private placement to identified bumiputera investors approved by MITI.
“Pursuant to the underwriting agreement, UOBKH will underwrite 85 million issue shares of the company,” it said.
Golden Destinations’ Managing Director, Mita Lim, said the signing of the underwriting agreement represents a key milestone for the group’s corporate journey as it progresses closer towards the ACE Market listing.
“The IPO is intended to strengthen our business expansion, where we enhance our ability to scale our operations, broaden our product offerings, strengthen our branding, and expand our market presence in the industry, while continuing to deliver curated outbound travel experience packages through our established distribution network,” he said. – BERNAMA
