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Malaysia's AME Elite Consortium files for 166.6M ringgit IPO

AME Elite Consortium Bhd. is aiming to raise gross proceeds of about 166.6 million ringgit via its IPO on the main market of Malaysian stock exchange.

The Malaysian industrial-focused real estate company is offering 85,423,000 new shares and 42,711,800 existing shares in the IPO. The offering comprises a retail offering of 17,084,800 shares and an institutional offering of up to 111,050,000 shares. The IPO is priced at 1.30 ringgit per share, according to a press release. The existing shares are offered for sale by the company's shareholders.

The company is looking to raise 111.1 million ringgit primarily for business expansion, while the remaining 55.5 million ringgit would go to the selling shareholders via an offer-for-sale.

AME Elite is scheduled to list its shares Oct. 14.

CIMB Investment Bank Bhd. is principal adviser and managing underwriter. CIMB is also the joint book runner and joint underwriter alongside RHB Investment Bank Bhd.

As of Sept. 25, US$1 was equivalent to 4.19 Malaysian ringgit.