KUALA LUMPUR (Oct 13): Plastic packaging maker Ekonusa Bhd has refiled the draft prospectus for its initial public offering for an ACE Market listing, replacing Affin Hwang Investment Bank Bhd with Mercury Securities Sdn Bhd as its principal adviser and sponsor.

Mercury Securities also takes over as placement agent and underwriter.

In the refile, Ekonusa said it had obtained regulatory relief from Bursa Securities on Oct 7 from having to submit the pre-admission consultation pack at least one month prior to the filing of its listing application.

This effectively allowed the group to restart its public exposure cycle without having to wait for at least 30 days after its previous submission — originally filed in July to raise funds to partly finance a new RM15 million factory in Selangor — lapsed in August.

Key details of its listing plans, which will offer up to 30% to the company that produces plastic bottles and pails used as packaging for industrial and consumer goods, remain unchanged.

It expects to issue 121.03 million new ordinary shares under its IPO, with 24 million made available for the Malaysian public, of which 50% would be set aside for Bumiputera investors.

Of the balance, 12 million shares will be made available to eligible directors, employees and persons involved with Ekonusa and its subsidiaries while 85.03 million will be placed out to selected investors.

The IPO will also involve a sale of 24 million existing shares from co-founders Seng Yook Yong, Bryan Lee, Eric Lee and Tan Swee Hin. Seng is the CEO of Ekonusa.

Bryan and Tan currently have 28.53% stake each in the company, while Seng and Eric hold 19.02% each, for a collective shareholding of 95.10% — which will be trimmed to 66.12% post-listing.

Individually, Bryan and Tan will see their holdings reduced from 28.53% to 19.84% each while Seng and Eric will each see their direct ownership trimmed from 19.02% to 13.22%.