KUALA LUMPUR: Bathroom and kitchen sanitary ware solution provider, Sorento Capital Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Securities.
Sorento Capital’s initial public offering (IPO) will entail a public issuance of 155 million new ordinary shares and an offer for sale of up to 74 million existing shares.
This will represent a total of approximately 26.62% of Sorento Capital’s enlarged issued share capital of 860 million ordinary shares.
“Since our founding in 2005, we have been dedicated to providing an extensive range of bathroom and kitchen solutions for both residential and commercial spaces. Our business model caters to our growing customer base, which includes both business-to-business (B2B) and business-to-consumer (B2C) segments.
“Our B2B segment targets dealers as well as project customers such as property developers’ trading/purchasing arms, trading companies, contractors, and interior designers, whereas our B2C segment serves end-consumers directly,” managing director Loo Chai Lai said in a statement.
He noted that the IPO Approval signified a crucial milestone for our Company, granting the group access to the equity capital market as it embarked on the next growth stage.
“With the proceeds from the listing exercise, we intend to strengthen our existing dealer support, expand our network of dealers, grow project-based sales and elevate brand recognition through investments in branding and marketing activities in Malaysia.”
Barring any unforeseen circumstances, Sorento Capital targets to be listed by the fourth quarter of 2024.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.