KUALA LUMPUR, Sept 7 — Flexible plastic packaging’s manufacturers, GW Plastic Holdings Bhd, expects to raise RM12.2 million from the Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd in the fourth quarter of this year.

GW chief executive officer Lim Kok Boon said the forthcoming listing is a reflection of the company’s scale of operations, which will also enhance the group’s profile as a regional player.

The group’s IPO entails a public issue of 16 million new ordinary shares, and an offer-for-sale of 45.42 million vendor shares at an issue price of RM0.76 each.

From the 61.42 million shares for public issue, 11.8 million shares will be allocated for the Malaysian public via balloting, 17.82 million shares for private placement to selected investors, 8.2 million shares for eligible directors, employees and business associates of GW and its subsidiaries.

Also included in the public issuance are 23.6 million shares for Bumiputera investors approved by the Ministry of International Trade and Industry (MITI).

RHB Investment Bank Bhd will be the adviser, sole underwriter and sole placement agent for the group’s IPO exercise. — Bernama