Tuesday, January 30th, 2018 - ACN Newswire Pte Ltd
|- Trading on Catalist at 9.00am, 31 Jan. 2018; Net proceeds S$13.0mil attributable to Company|
SINGAPORE, Jan 29, 2018 - (ACN Newswire) - LY Corporation Limited ("LY Corporation"; SGX:1H8), one of Malaysia's leading manufacturers and exporters of wooden bedroom furniture, announced today that the placement for its initial public offering (the "IPO" or the "Placement") of 75,848,000 placement shares ("Placement Shares") priced at S$0.26 per share has received strong investor demand.
At the close of the application list at 12.00 noon on 29 January 2018, the Group received valid applications for all 75,848,000 Placement Shares, and gross proceeds received amounted to approximately S$19.7 million.
Some of the notable investors included Mr Heah Theare Haw and Pheim Asset Management.
"We are encouraged by the strong investor interest in the IPO, which reflects confidence in LY Corporation's track record and growth prospects. We believe that a listing on the Catalist board of the SGX-ST will allow us to tap the capital markets that will offer us significant impetus to expand our business," said Mr Tan Yong Chuan, LY Corporation's Executive Director and Chief Executive Officer.
With the completion of the Placement, LY Corporation's total issued share capital now comprises approximately S$23.0 million comprising 489.1 million shares, and its market capitalisation is approximately S$127.2 million based on S$0.26 per Placement Share.
Of the net proceeds from the issue of new shares in the Placement of approximately S$13.0 million, S$1.0 million will be used for the expansion of sales network in the People's Republic of China (PRC), S$5.0 million for the upgrading of machinery and equipment and acquiring new technology, S$4.0 million for the construction of additional facilities, and S$3.0 million for general working capital purposes.
Trading in the Company's shares on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX:1H8) is expected to commence at 9.00 a.m. on Wednesday, 31 January 2018.
About LY Corporation Limited
LY Corporation Limited (SGX:1H8) is one of Malaysia's leading manufacturers and exporters of wooden bedroom furniture. With an established track record of approximately 40 years in the furniture industry, the Group is an established original design manufacturer ("ODM") principally engaged in the design and manufacture of custom wooden bedroom furniture, and the manufacture of custom wooden bedroom furniture which may be tailored to customers' specifications and requirements on an original equipment manufacturer ("OEM") basis.
As at 15 December 2017, the Group operates from 15 factories and warehouses, occupying a combined built-up area of approximately 1.4 million sq ft. Its products are sold mainly to overseas dealers such as furniture wholesalers and retailers who generally resell the products to end-users through their respective retail networks and domestic customers who are primarily third party agents who typically export and resell its products outside Malaysia, such as to the U.S.
Issued for LY Corporation Limited by:
Waterbrooks Consultants Pte Ltd
Tel: +65 6100 2228
Mr Wayne Koo
(M): +65 93388166
Ms Jean Yang
(M): +65 93636369