KUALA LUMPUR: Construction and property developer Gabungan AQRS Bhd will utilise about RM73.16mil from the proceeds of its initial public offering (IPO) for expansion activities.

CEO Alvin Ng Chun Kooi said about RM30.46mil would be allocated for working capital, RM25mil to acquire new land bank, RM12mil to acquire a corporate headquarters and the remaining RM5.7mil would be used for listing expenses.

He said the company, enroute for listing on the Main Market of Bursa Malaysia Securities by end-July, envisaged various expansion and growth plans.

“This includes venturing into government-initiated public-private sector partnership (PPP) projects, expansion into new geographical markets overseas and developing further our property development,” he said in a statement.

Gabungan AQRS yesterday launched its prospectus for the public issue of 62 million new ordinary shares of 25 sen par value and an offer for sale of 30 million ordinary shares of 25 sen par value at a price of RM1.18 per share.

Ng said with the company’s listing and access to the capital market, it would have the financial resources to be in a position to actively participate in building and infrastructure-related PPP projects.

“To further expand the construction business, we will also leverage on the distinction of wholly-owned subsidiary Gabungan Strategik Sdn Bhd in the Industrial Building System (IBS) construction method which the Government is promoting as an alternative to the labour-intensive conventional construction method.

“In property development, Gabungan AQRS will be on the lookout to acquire new land banks in strategic locations for commercial or residential development,” he said.

“But, as a lifestyle developer, we are not eyeing large tracts of land which account for its current land bank of only 13 hectares.”

The offer period to subscribe for Gabungan AQRS IPO ends on July 13. – Bernama

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