KUALA LUMPUR: Bathroom and kitchen sanitary ware solution provider Sorento Capital Bhd (SCB) signed an underwriting agreement with Alliance Islamic Bank Bhd (AIS) as part of its upcoming initial public offering (IPO) on the ACE market of Bursa Malaysia.
Managing director Loo Chai Lai said this underwriting agreement marks a significant step towards the company’s listing on the ACE market of Bursa Malaysia.
He said this will further strengthen its reputation and open doors to new avenues for growth.
“The Malaysian bathroom and kitchen sanitary ware industry is expected to be driven by the property market’s growth, fuelled by economic growth, rising population, urbanisation and rising affluence.
“Furthermore, our national economy is projected to grow by 4% to 5% in 2024. This favourable economic climate will further drive new property development and renovation projects, further bolstering the demand for our products.
“SCB aims to capitalise on these favourable market trends as bathroom and kitchen spaces evolve into extensions of our customer’s lifestyles and comfort.
“This will help us to maintain our position in the industry,“ he said.
SCB is involved in the marketing, distributing and selling of bathroom and kitchen sanitary wares.
The group offers a comprehensive product portfolio that caters to diverse customer preferences, including affordable and luxury options.
The well-established range of house brands includes the flagship Sorento, Mocha, Cabana and i-Born.
In addition to their house brands, SCB is the authorised distributor for foreign luxury third-party bathroom and kitchen sanitary ware products brands.
This includes the non-exclusive distributorship of the German brand Bravat and the exclusive distributorship of the Spanish brand Infinity in Malaysia.
SCB’s IPO includes the offer of 229 million ordinary shares, comprising a public issue of 155 million shares and an offer for sale of 74 million shares.
Upon listing, these represent 18% and 8.6%, respectively, of the company’s enlarged issued share capital of 860 million shares.
Of the 155 million shares in the public issue, 43 million will be available to the Malaysian public through balloting, 16 million will be allocated to eligible directors, employees, and contributors to the group’s success (known as the “Pink Form Allocation”), and the remaining 96 million shares will be offered via private placements to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
“The proceeds raised through our public issue will be earmarked for the purchase of inventory, branding and promotional marketing as well as expansion of our dealer network and distribution reach.
“This strategic move is in line with our anticipated business expansion and aimed at extending our reach to a broader base of end-consumers through our dealers while strengthening our brand visibility,“ Loo said.
SCB is scheduled to be listed by the fourth quarter of 2024, with AIS as the IPO’s principal adviser, sponsor, underwriter and placement agent.
Source: The Sun Daily
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