AME Elite aims to raise RM166.6m from Main Market IPO

KUALA LUMPUR (Sept 24): Main Market-bound integrated industrial property solutions provider AME Elite Consortium Bhd aims to raise RM166.6 million from its initial public offering (IPO) on Bursa Malaysia.

Of the IPO proceeds, RM111.1 million will be primarily for the group’s business expansion, while the remaining RM55.5 million will go to the selling shareholders via an offer-for-sale.

AME’s IPO entails the issuance of up to 128.13 million shares, representing up to 30% of its enlarged issued share capital, comprising an offer for sale of up to 42.71 million shares and a public issue of 85.42 million new shares.

In a statement today, AME group managing director Kelvin Lee Chai said the proposed listing was the culmination of the firm’s track record in undertaking design-and-build projects for large manufacturing plants and industrial buildings in Malaysia, as well as developing industrial parks in Johor under the “i-Park” brand.

“Our integrated business model serves us well. Our expertise in design, construction, sale and lease enables us to uphold a track record of quality and speed in delivering comprehensive industrial property solutions for enterprises in various industries.

“We believe it is timely for AME to bring our distinct brand of i-Parks to rapidly industrialising states across Peninsular Malaysia, allowing us to play our role to support the country’s increasing trend in foreign direct investment, and enabling international and local corporations to advance towards Industry 4.0,” he said.

Applications for AME’s IPO open today, and will close on Sept 30.

AME is set for listing on Bursa Securities on Monday, Oct 14.