KUALA LUMPUR (April 3): PMW International Bhd, which is involved in the trading and manufacturing of concrete products, is seeking to list on the ACE Market of Bursa Malaysia to raise funds to build a new facility in Sarawak.

Its initial public offering (IPO) will involve a public issue of 178.41 million new shares, representing 20% of its enlarged issue share capital, and an offer for sale of 89.21 million existing shares to selected investors that represents about 10% of its enlarged issue share, according to its draft prospectus filed to Bursa Malaysia.

Under the proposed public issue, the company will set aside 44.60 million shares for the public and 22.30 million shares for eligible persons; 111.51 million shares will be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry via private placement.  

PMW International commenced operations in 1992 as a manufacturer of moulds, machinery for spun poles, piles, and related accessories. In 2006, the company expanded its product offerings to include standard poles, accumulating nearly 19 years of experience in this product category.

Besides the new facility to manufacture spun poles and piles in Tanjung Manis, Sarawak, the group plans to use the IPO proceeds to buy new machinery and equipment, and to fund its working capital and listing expenses.

Proceeds from the offer for sale will accrue entirely to its selling shareholders, chief executive officer Lee Hon Hwa (4.07% of the company's enlarged share capital), his siblings Lee Khim Hwa (4.07%) and Lee Siew Yoke (0.86%), and Richard Lee (1%). Post-IPO, the Lee siblings will be left with an indirect 62.58% interest in the company, while Richard will have an indirect 7.5%.

KAF Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.