KK Mart Retail, which operates the KK Super Mart and KK Mart convenience store chain, is planning an initial public offering involving up to 840 million shares on Bursa Malaysia.
Details on the IPO price, total fundraising size or listing timetable have not been disclosed, according to a draft prospectus filed with the Securities Commission Malaysia late Monday.
The listing will involve up to 840 million shares, including the sale of as many as 630 million existing shares and the issuance of 210 million new shares.
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A KK Super Mart outlet in Malaysia. Photo from Google Maps |
Proceeds from the new shares will be allocated toward expanding store operations and distribution centers, investing in digital and IT capabilities, repaying bank loans and covering listing- expenses.
Maybank Investment Bank is acting as the principal adviser, sole bookrunner, sole underwriter and sole placement agent for the IPO.
KK Mart currently operates 996 convenience stores across Malaysia, offering everyday essentials along with services such as bill payments and mobile top-ups.
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