Public portion of Sabah-based KTI Landmark IPO oversubscribed by 8.14 times

KUALA LUMPUR (June 7): Sabah-based integrated property developer KTI Landmark Bhd’s initial public offering (IPO) has been oversubscribed by 8.14 times.

The company said a total of 6,912 applications seeking 365.69 million new shares were received from the Malaysian public for 40 million new shares that were made available for public subscription.

“The bumiputera public portion was oversubscribed by 5.17 times, after a total of 3,037 applications for 123.48 million new shares were received.”

“For the non-bumiputera public portion, a total of 3,875 applications for 242.21 million new shares were received, which represents an oversubscription rate of 11.11 times,” the company said in a statement today.

KTI also noted that the 40 million new shares for its eligible directors, employees and persons who have contributed to the success of the group were fully subscribed.

On another note, the company said its placement agent, M&A Securities Sdn Bhd has confirmed that 125 million shares made available for application by way of private placement to bumiputera investors approved by the Investment, Trade and Industry Ministry and selected investors were successfully placed out.

Group managing director and chief executive officer Dr Gordon Loke said the IPO proceeds will enable the company to acquire land for future projects with a focus on residential and commercial properties in Sabah.

“KTI will continue to explore the many potentials and opportunities in the market while continuing to provide affordable homes,” he added.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.

KTI is scheduled to list on the ACE Market of Bursa Malaysia Securities Bhd on June 19, 2024. It aims to raise RM48 million from its IPO.

– Bernama