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BUSINESS • 19/02/2025 05:00 PM

ACE Market-bound Saliran Eyes RM21.71 Mln From IPO

KUALA LUMPUR, Feb 19 (Bernama) -- ACE Market-bound oil and gas (O&G) pipe supplier Saliran Group Bhd aims to raise RM21.71 million through its initial public offering (IPO).

According to the prospectus, the IPO is priced at 27 sen per share, and the listing is scheduled for March 13, 2025.

Of the proceeds, the group said RM1.20 million would be utilised for the establishment of a sales office in Indonesia; RM1.44 million for the purchase of machinery and delivery trucks; RM7 million for repayment of bank borrowings; RM8.37 million for general working capital and RM3.70 million for estimated listing expenses.

Saliran managing director Dennis Liaw Choon Wei said the company wants to boost market awareness and business growth in Indonesia, a key market in the industrial supply and O&G sectors. "Opening a field office in Indonesia will enable us to have more growth and marketing opportunities. The market will get to know us better," he told a press conference after the launch of Saliran’s IPO prospectus today.

On the impact of the US tariffs on steel, Liaw said Saliran's business remains unaffected, as its operations are centred in Southeast Asia. "The impact would only be significant if we were to expand exports to the US or its related markets," he said.

Saliran said the IPO would offer 80.4 million ordinary shares with 19.15 million shares available to the Malaysian public via balloting and 5.73 million shares by way of private placement to selected investors.

"The remaining 47.86 million IPO shares will be made available by way of private placements to Bumiputera investors approved by the Ministry of Investment, Trade and Industry," it said in a statement.

Applications for the public issue are open from today and will close on Feb 28, 2025 at 5 pm.

Malacca Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.

-- BERNAMA

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