KUALA LUMPUR – Melaka-based property developer Teladan Setia Group Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Bhd on March 16, aims to raise RM77.3 million from its initial public offering (IPO) exercise.
From the raised amount, RM35.0 million (45.3%) will be allocated for land acquisition in Melaka, RM33.1 million (42.8%) for working capital for project development, RM4.0 million (5.2%) million for repayment of bank borrowings, and the balance of RM5.2 million (6.7%) for listing expenses.
Managing director Richard Teo Lay Ban said with a track record spanning over two decades as a property developer in Melaka, the company has built a strong market reputation among local residents.
“We are optimistic that the listing exercise will allow us to further solidify our position in the industry as we gain access to capital markets to fuel our expansion plans,” he told reporters at the virtual digital prospectus launch today. – Bernama, February 23, 2021
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