Adnex Group Bhd launches ACE Market initial public offering at 20 sen per share

Malaysia-based Adnex Group Bhd, an interior fit-out firm, has launched its initial public offering on the ACE Market, priced at 20 sen (€0.04) per share, seeking to raise RM26 million (€5.2 million) for expansion, The Edge Malaysia reported.

The initial public offering will raise RM18.1 million (€3.6 million) for the company and another RM7.9 million (€1.6 million) for managing director Adrian Kan Wai Chun and his elder brother Kan Wai Peng. Applications will close on 5 March and the listing is scheduled for 17 March.

Adrian Kan Wai Chun, managing director, said Adnex remains focused on its core interior fit-out business whilst positioning itself to capture opportunities arising from office refurbishment cycles, commercial developments and evolving workspace requirements. "Adnex remains focused on its core interior fit-out business while positioning itself to capture opportunities arising from office refurbishment cycles, commercial developments, and evolving workspace requirements," Wai Chun said.

The company is setting aside RM6.4 million (€1.3 million) for expansion of corporate offices in Penang, Johor and Sabah, complemented by a regional push into Indonesia and the Philippines. Adnex has also earmarked RM3 million (€600,000) as performance bonds for existing and future projects, RM1.2 million (€240,000) to repay bank loans, RM3.9 million (€780,000) for working capital and RM3.6 million (€720,000) to cover listing expenses.

Founded by Wai Chun and Wai Peng, Adnex specialises in providing interior fit-out services for commercial and industrial properties, mainly for use as corporate offices, food-and-beverage outlets and sales galleries. At the initial public offering price, Adnex is valued at RM100 million (€20 million).

The Shah Alam, Selangor-based company has an unbilled order book of RM66 million (€13.2 million).

Read the complete article on Adnex Group Bhd's ACE Market initial public offering launch.