SHAH ALAM: Mini-market retail chain 99 Speed Mart Retail Holdings Bhd plans to raise RM660.0 million via a public issue of 400 million new ordinary shares ahead of its listing on Bursa Malaysia’s Main Market on Sept 9.
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Alternate director Albert Lew Yan Zhong said 58.9 per cent, or RM389.0 million, will be used to expand its outlets and RM100 million, or 15.2 per cent, to set up a new distribution centre.
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“We will set aside 8.3 per cent (RM55.0 million) of the total proceeds to purchase delivery trucks and RM47.6 million to upgrade existing outlets and to procure energy-efficient equipment.
“Lastly, RM45.0 million will be used to pare down the group’s existing borrowings, with the remaining RM23.4 million to cover listing expenses,” he said at the launch of the company’s prospectus today.
-Bernama
-TheStar