Staff of Reuters Read for 2 minutes Reuters, KUALA LUMPUR, 30 JUNE – CTOS Digital Bhd, a Malaysian credit reporting agency, revealed plans on Wednesday to conduct its 1.2 billion ringgit ($289 million) initial public offering (IPO), the country’s largest so far this year. At the launch of its prospectus, the business stated that it plans to list on the Malaysian stock exchange on July 19. According to the firm, the listing will include a public offering of 200 million new shares and an offer-for-sale allocation of 900 million existing shares, each priced at 1.10 ringgit. It said it expected to utilize the IPO revenues of 220 million ringgit to repay bank loans, make investments, and acquire new businesses, as well as pay listing fees and expenses. CTOS chief executive officer Dennis Martin told reporters that the company has set aside 56 million ringgit for potential acquisitions and has “identified some targets… both local and overseas.” As previously reported by Reuters, the company’s public market debut has attracted 23 cornerstone investors, including AIA Group Ltd, Aberdeen Standard Investments, and two of Malaysia’s largest government-linked funds. The IPO is the largest since Mr DIY Group’s 1.5 billion ringgit initial public offering (IPO) last year. Mr DIY and CTOS are both from Creador, a private equity business. (1 ringgit = 4.1520 ringgit) (Rozanna Latiff and Joseph Sipalan contributed reporting; Martin Petty edited the piece.) Continue reading
