KUALA LUMPUR (April 8): Ipoh-based bus manufacturer Bus Cap Bhd said on Wednesday it has received approval from Bursa Malaysia for its listing on the ACE Market.

“Receiving the green light from Bursa Malaysia is a strong validation of the foundation we have built over the last five decades. Transitioning to the public market gives us the financial agility to modernise our operations and capture a larger share of the bus-building industry,” managing director Ng Chai Sing said in a statement.

The proposed initial public offering (IPO) entails 126.5 million shares, comprising 107.3 million new shares and an offer for sale of 19.2 million existing shares via private placement to selected investors.

The IPO price and timetable have yet to be determined. Under listing rules, the company must complete its listing within six months of approval.

The Ipoh-based company traces its origins to a 1968 partnership. In 1986, its subsidiary, Sin Hock Leong Coach Works Sdn Bhd, was set up to build buses for customers mainly in Malaysia. In 2023, it started serving the Singapore market.

Its core activities include the design and manufacture of bus bodies, assembly of bus bodies with chassis sourced from principals, installation of fittings and accessories, and provision of repair and maintenance services.

Bus Cap offers a range of buses, including single-deck, semi-high deck, high-deck and double-deck models, catering to applications such as stage, express, tour and shuttle services.

For the financial year ended Dec 31, 2024, the group posted a net profit of RM6.9 million on revenue of RM56.4 million, driven by strong demand for higher-capacity buses, particularly semi-high deck models.

Proceeds from the IPO will be used for expansion initiatives, including the development of a new production facility, investments in semi-automated fabrication technologies, and working capital to support its growing order book.

NCS Consolidated Holding Sdn Bhd, a private company owned by Ng and his family, currently owns 100% of Bus Cap. Its stake will be diluted to 67% following the listing.

TA Securities Holdings Bhd has been appointed as the principal adviser, sponsor, underwriter and placement agent for the IPO.

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