PMW International Bhd, a manufacturer of pre-stressed spun concrete poles, piles and related reinforced concrete products, has received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market.

The company’s IPO exercise entails the public issuance of 178.41 million new shares and an offer for sale of 89.21 million existing shares.

Of the new shares, 44.6 million will be offered to the Malaysian public via balloting, 22.3 million to eligible personnel and 111.5 million to Bumiputera investors approved by the Investment, Trade and Industry Ministry, while the offer-for-sale shares will be placed out to selected investors.

Executive Director and CEO Lee Hon Hwa said the listing marks a major milestone for the company as the proceeds from the IPO will allow the company to enter the Sarawak market with a new plant in Tanjung Manis and invest in new technology to meet growing infrastructure demand locally and abroad.

KAF Investment Bank Bhd is acting as the principal advisor, sponsor, sole underwriter and placement agent for the IPO.