KUALA LUMPUR (Oct 10): Bus manufacturer Bus Cap Bhd, plans to list on the ACE Market of Bursa Malaysia to raise funds for a new factory.
According to its draft prospectus filed with Bursa Malaysia Securities, the initial public offering (IPO) will include:
- 107.3 million new shares (28% of the company)
- 19.2 million existing shares (5%) for sale
Funds raised will be used to build a semi-automated bus manufacturing plant, buy machinery, support working capital, and cover listing expenses. The new facility will also include a showroom and office building.
Its administrative and production facilities — which includes a metal fabrication yard — is in Ipoh, Perak.
Bus Cap’s unit Sin Hock Leong Coach Works Sdn Bhd was founded in 1968 in Ipoh, Perak, and is now led by Ng Chai Sing, 71, son of the original founder the late Ng Boon Lan. The company builds, assembles, and services buses, and serves customers mainly in Malaysia and Singapore.
The IPO price and market valuation are yet to be announced. After listing, Bus Cap will have an enlarged share base of 383.4 million.
NCS Consolidated Holding Sdn Bhd, the private company owned by Ng Chai Sing and his family, currently owns 100% of Bus Cap before the IPO. As part of the IPO, NCS is selling a 5% stake in the company.
After the IPO, NCS will retain a 67% ownership in Bus Cap.
NCS is owned by:
- Chai Sing — 45%
- Bernard Ng Chong Yan (son, 37 years old) — 40%
- Benjamin Ng Chong Jin (son) — 10%
- Yeow Lee Siah (wife) — 5%
For the year ended Dec 31, 2024, the company reported a net profit of RM6.9 million against RM56.5 million in revenue.
TA Securities Holdings Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO.