KUALA LUMPUR (June 3): Processed food and beverage producer A1 AK Koh Group Bhd has appointed AmInvestment Bank Bhd as the underwriter for its upcoming ACE Market IPO on Bursa Malaysia. The bank will underwrite 50.4 million shares offered to the public.
AmInvestment Bank also serves as the IPO's principal adviser, sponsor and placement agent.
The IPO includes 218.4 million shares — 109.2 million new shares and 109.2 million existing shares under an offer for sale by a selling shareholder— representing 26% of A1 AK Koh Group’s enlarged share capital of 840 million shares.
The 50.4 million new shares retail offering consists of 42 million for the Malaysian public via balloting (half for Bumiputera investors) and 8.4 million for eligible individuals via pink forms. Separately, the 58.8 million new shares will be offered to institutional and selected investors through private placement.
Of the 109.2 million existing shares for sale, 105 million will be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 4.2 million will go to institutional and selected investors. Both will be offered via private placement.
“Our upcoming listing on the ACE Market of Bursa Malaysia marks a significant milestone in our journey since 1986. It opens the door for us to further expand our manufacturing capabilities and bring A1 AKK’s quality products to even more consumers across Malaysia and the region,” said the group's founder and non-independent managing director Koh Ah Kuan in a statement.
After the IPO, the selling shareholder, A1 Koh Malaysia Sdn Bhd will retain a 74% stake in the company. Its shareholders include founder Koh Ah Kuan (60%), his wife Lim Sok Huey (30%) and their four children.
A1 AK Koh, founded in 1986, manufactures and distributes over 340 processed food and beverage products, including snacks, noodles, seasonings, canned seafood and drinks. About 75% of its products are under in-house brands like A1 AK Koh, Dragon Horse, Sky King and others. The company also does contract manufacturing and sourcing for third-party brands.