Malaysia's Eco-Shop Marketing launches initial public offering of up to $241 million
The offering will comprise 347 million new shares and 515 million existing shares, with managing director Lee Kar Whatt and private equity firm Creador's unit Agathis Montana - both substantial shareholders - selling down their stake, the prospectus showed.
Post the IPO, Lee's direct stake will drop to 73.9% from 80.3%, while Montana's stake will drop to 1.9% from 10%.
The IPO's retail price of 1.21 ringgit per share is expected to raise about 419.87 million ringgit ($97.42 million) from the newly issued shares. This will be used to open new stores, expand the company's distribution centre and repay bank borrowings, among others, according to the prospectus.
The listing date falls on May 23.
Cornerstone investors include AHAM Asset Management Bhd, Areca Capital Sdn Bhd, Eastspring Investments Bhd, Kenanga Investors Bhd and RHB Asset Management Sdn Bhd, among others, the prospectus showed.
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