Gabungan AQRS to raise RM73.1m

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CONSTRUCTION and property development group Gabungan AQRS Bhd is raising RM73.1 million from its listing on Bursa Malaysia’s Main Market.

Chief executive officer Alvin Ng Chun Kooi said about RM30.46 million would be allocated for working capital, RM25 million to buy land, RM12 million to buy a corporate headquarters and the remaining RM5.7 million for listing expenses. He said the company expects to be listed on July 31 and has drafted various expansion and growth plans.

“We plan to venture into government-initiated public-private sector partnership (PPP) projects, expand into new geographical markets overseas and further enhance our property development,” he said at the company’s prospectus launch here yesterday.

Under its initial public offering, Gabungan AQRS is offering a public issue of 62 million new shares of 25 sen each and an offer for sale of 30 million shares of 25 sen each, both at RM1.18 per share.

Ng said with the listing and access to the capital market, Gabungan AQRS will have money to actively bid for infrastructure-related PPP projects.

It wants to expand its construction activities in Sabah as well as make inroads in Indonesia.

“In property development, Gabungan AQRS will be on the lookout for new land in strategic locations for commercial or residential development. But, as a lifestyle developer, we are not eyeing large tracts of land,” Ng said.

The company currently has 13 hectares.

Business Times : nation

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