MTT Shipping and Logistics Bhd said on Monday it had received approval from the Securities Commission Malaysia to proceed with a proposed listing on the main board of Bursa Malaysia.
The Malaysian maritime logistics group, which provides container liner shipping, vessel chartering, and container storage services, said its initial public offering will comprise 633.5 million new shares, with no sale of existing shares, meaning all proceeds would go to the company.
Financial and timing details were not disclosed in the statement.
MTT Shipping said it plans to use the IPO proceeds to fund growth, including the acquisition of additional container vessels and the development of integrated freight facilities, particularly to support cargo flows between West and East Malaysia.
CIMB Investment Bank is the principal adviser, joint global coordinator and joint bookrunner, alongside CLSA, while Affin Hwang Investment Bank is also a joint bookrunner, the company said.
Reuters
