[The Sun Daily] Kim Hin Joo inks underwriting deal for ACE listing

PETALING JAYA: Kim Hin Joo (Malaysia) Bhd has engaged UOB Kay Hian Securities (M) Sdn Bhd as principal adviser, sponsor, underwriter and placement agent for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

An underwriting agreement was signed between the two parties. The listing will see a public issue of 76 million new shares in Kim Hin Joo and an offer for sale of 57 million existing shares.

Pursuant to the underwriting agreement, UOB Kay Hian will underwrite a total of 29 million shares comprising 19 million new shares available for the Malaysian public; 10 million new shares reserved for application by the eligible directors and employees.

Kim Hin Joo is a retailer of baby, children and maternity products and is a franchisee of the Mothercare and Early Learning Centre brand in Malaysia.

As part of its growth plans, the company is also in the midst of finalising a development agreement with The Entertainer UK, a UK-based toy retailer, which will enable the company to open and operate The Entertainer toy outlets in Malaysia and sell a broad range of toys.