Kuala Lumpur-based Pestech International Bhd will list its subsidiary, Pestech Cambodia Ltd (PCL), on the Cambodian stock market to raise $20.3 million to finance their expansion in the kingdom.
Pestech submitted the application for the proposed listing to the Securities and Exchange Commission of Cambodia (SECC) and the Cambodia Securities Exchange (CSX) on December 22.
PCL’s initial public offering (IPO) on the Main Board of CSX will involve up to 39 million shares, with each share valued at 10 cents. This represents 39 percent of its enlarged issued and paid-up share capital – comprising a proposed public issuance of 29 million new shares and an offer for sale of 10 million existing shares.
The proposed public issuance could raise gross proceeds of $20.3 million, based on an indicative initial public offering (IPO) price of 70 cents apiece.
PCL plans to use proceeds raised from the IPO to finance existing and future projects.
The final IPO price would be subject to the SECC’s approval, after it has been determined and agreed between PCL’s board of directors and the IPO’s underwriter, RHB Indochina Securities Plc.