Ekonusa refiles ACE Market IPO prospectus, appoints Mercury Securities
The plastic packaging maker retains its share offering plans after receiving regulatory relief from Bursa Securities on Oct 7.
Ekonusa Bhd has submitted a fresh draft prospectus for its proposed ACE Market IPO, with Mercury Securities Sdn Bhd replacing Affin Hwang Investment Bank Bhd. Mercury Securities will serve as principal adviser, sponsor, placement agent and underwriter.
Ekonusa said Bursa Securities granted relief on Oct 7, waiving the requirement for a pre-admission consultation pack to be submitted at least one month before its listing application. This enabled the company to restart public exposure without waiting at least 30 days. Its earlier submission, filed in July, lapsed in August.
The company makes plastic bottles and pails for packaging industrial and consumer goods. Its July filing proposed using IPO proceeds to help fund a new RM15 million factory in Selangor, and the main offering terms remain unchanged.
Ekonusa expects to issue 121.03 million new ordinary shares. The Malaysian public allocation is 24 million shares, with 50% reserved for Bumiputera investors. Another 12 million shares are earmarked for eligible directors, employees and people involved with the group, while selected investors will receive 85.03 million shares through placement.
Co-founders Seng Yook Yong, Bryan Lee, Eric Lee and Tan Swee Hin will also sell 24 million existing shares. Seng is Ekonusa’s CEO. Their combined ownership is expected to fall from 95.10% to 66.12% after listing.
