Shinyou seeks ACE Market listing to fund expansion
The lift and escalator installer plans a Kota Kinabalu branch and has nearly RM58 million in jobs to be billed progressively until 2028.
Shinyou Holdings Bhd is proposing an ACE Market listing, with proceeds earmarked for business expansion and working capital to support new projects, according to its draft prospectus.
The Selangor-based company plans to establish a branch in Kota Kinabalu, Sabah, as it expands into East Malaysia. Appointed sub-contractors currently service about 20 of its elevators there. Shinyou said the office is expected to improve its response to customer needs and support growth in the region.
Shinyou said it needs additional cash for tender participation, mobilisation costs, performance bonds and purchases from its brand principals. It has nearly RM58 million in jobs that will be billed progressively until 2028. While existing financing facilities are sufficient for current working capital needs, the company intends to rely less on them to lower interest expenses.
The IPO will not include an offer-for-sale by existing shareholders. Datuk Matthew Tee Kai Woon, an executive director at Bina Puri Holdings Bhd, holds a 76% pre-IPO stake in Shinyou, which is led by co-founder and managing director John Kuan.
Shinyou said its installations across Malaysian property sectors exceed 800 elevators, escalators and travelators. It also handles maintenance and repairs, sourcing systems mainly from China-based Lincoln Elevator (China) Co Ltd and Fuji-Sino Elevators Co Ltd.
For the proposed listing, Berjaya Securities Sdn Bhd will act as principal adviser and sponsor, as well as underwriter and placement agent.
