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- Managing director Kang Ket Hung said that the ACE Market listing not only signifies a new chapter for Colform, but also aligns with its vision to become a leading steel solutions provider across Malaysia.
KUALA LUMPUR (Nov 29): Colform Group Bhd’s upcoming debut on the ACE Market of Bursa Malaysia Securities has received the nod from the capital market operator, the steel and building material specialist based in Kota Kinabalu said.
Its managing director Kang Ket Hung said that the ACE Market listing not only signifies a new chapter for Colform, but also aligns with its vision to become a leading steel solutions provider across Malaysia.
“Receiving approval for our IPO marks a pivotal milestone for Colform. This listing empowers us to strengthen our commitment to delivering reliable, high-quality steel solutions across Malaysia,” said Kang in a statement.
In its upcoming initial public offering (IPO), Colform will be issuing 114.4 million ordinary shares and an offer for sale of 54 million ordinary shares, representing 28.07% of its enlarged issued shares.
Proceeds from the IPO will allow Colform to further enhance its operations by setting up an in-house colour coil coating production line at its Kota Kinabalu facility, the group said in a statement on Thursday.
“This addition will expand the group’s product range, reducing reliance on external suppliers for colour coated coils and allowing greater quality control,” the group said.
Colform is also planning a new storage facility at its Kota Kinabalu factory, with construction set to begin in early 2025. This facility is aimed at improving the group’s logistics and inventory management as it scales up its operations, the group said.
Additionally, Colform is also expanding its footprint to Peninsular Malaysia by setting up a new branch office and leasing a factory in Klang. It is also investing in an Enterprise Resource Planning system to streamline operations across its locations as it seeks to enhance its operational and management efficiencies, it said.
Headquartered in Sabah, Colform’s offerings span various types of downstream steel products such as roofing sheets, wall claddings and IBS steel framing systems.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for Colform’s IPO.
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