Pan Merchant Proceeds For Listing Despite Low Subscription Levels
cautious market reception and moderate subscription levels.
Having been in operation for 38 years and undeterred by current market sentiment, the Group added that it remains steadfast in executing its long-term growth strategy, which includes expanding manufacturing capabilities, increasing automation and strengthening its presence globally.
The Group received a total of 1,107 applications for 16.9 million shares, with a total value of RM4.6 million, versus the 45.8 million shares that were made available for application by the Malaysian public. The unsubscribed portion of 28.9 million shares will be fully underwritten by Affin Hwang Investment Bank Berhad.
Meanwhile, the placement portion of the IPO's public issue shares has been fully taken up. This includes 57.3 million new ordinary shares allocated to selected investors and 114.5 million new ordinary shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), following the application of clawback and reallocation provisions.
Mr. Wong Voon Ten, Managing Director of Pan Merchant Berhad said: 'It is unfortunate that our IPO journey coincided with a period of heightened market uncertainty due to geopolitical tensions, which led to softer interest as investors adopted a more cautious stance.
That said, we remain optimistic about our outlook and are confident in our long-term growth prospects. We have been in operation for about 38 years navigating ups and downs in the economy. Despite the challenging equity market conditions, we are fully committed to executing our strategy to elevate the company to new heights.
The Group intends to adopt a dividend policy, aiming to distribute at least 30.0% of the annual audited profit after tax attributable to shareholders to participate in the group's growth. Related
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