KUALA LUMPUR: Golden Destinations Group Bhd, a full-service outbound travel experience curator, which is set to debut on the ACE Market of Bursa Malaysia Securities Bhd on April 16, announced that the company’s share allocation to the Malaysian public from its initial public offering (IPO) has been oversubscribed by 2.10 times.
Golden Destinations’ IPO comprises a public issue of 200 million new ordinary shares (Issue Shares), which were made available for application in the following manner – 50 million Issue Shares made available for application by the Malaysian public (of which 25 million Issue Shares are set aside for Bumiputera investors under the balloting process); 35 million Issue Shares reserved for eligible directors and employees as well as persons who have contributed to the success of the company and its subsidiaries (Eligible Persons); 90 million Issue Shares by way of private placement to identified institutional and/or selected investors; and 25 million Issue Shares by way of private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Malaysia.
The company received a total of 3,444 applications for 154,890,300 Issue Shares worth approximately RM69.7 million from the Malaysian public, representing an oversubscription rate of 2.10 times.
Meanwhile, the 35 million Issue Shares made available for application by the Eligible Persons have been fully subscribed. Under the private placement to identified institutional and/or selected investors comprising 90 million Issue Shares, the Placement Agent has confirmed that the placement tranche has been fully placed out.
Golden Destinations Group Bhd managing director Mita Lim said, “We are truly encouraged by the response to our IPO, which reflects investors’ confidence in Golden Destinations’ business model and long-term growth prospects. The encouraging support from the investment community further strengthens our commitment to expand our curated travel offerings, reinforce our operational platform and continue delivering high-quality travel experiences through our extensive network of travel partners.”
UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent in conjunction with the IPO.