Published: Friday June 29, 2012 MYT 11:23:00 AM
OCK Group to raise RM27m from listing exercise
KUALA LUMPUR: OCK Group Bhd plans to raise RM27mil from its proposed listing on the ACE Market of Bursa Malaysia Securities, which involves the issuance of 75 million new shares at an issue price of 36 sen each.
The telecommunications network services provider said on Friday that 58.5 million new shares would be offered to institutional and selected investors, 7.0 million new shares to the public and the remaining 9.5 million units to eligible employees and persons of the group.
OCK is an end-to-end telecommunications solutions provider in Malaysia and covers more than 90% of Malaysia' major telecommunication providers such as Alcatel-Lucent, Ericsson, Huawei, NEC and ZTE.
According to a statement issued after the launch of the prospectus, group managing director Sam Ooi said the listing exercise would be a platform to expand the company.
"With the funds raised from the public issue, we will also be able to increase our capacity and capability to tender for bigger projects hence creating a stronger company profile.
"It will also allow us access to the capital market for future fund raising exercises when required," he said.
Ooi also said that towards the last quarter of 2011, OCK had obtained its network facilities provider licence from Malaysia Communications and Multimedia Commissions.
He added this licence would allow the OCK to build, own and rent out telecommunications towers and rooftop structures.
"This licence puts us on track with our plans in expanding our services and infrastructure activities further and it will provide a positive contribution to future long term recurring income," he said.