KUALA LUMPUR, 29 MARCH 2016 – Bison Consolidated Berhad (“Bison”) successfully listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) this morning. Bison is an investment holding company, and through its subsidiaries (the “Group”), it is involved in the business of press and convenience retailing under its main trade name of “myNEWS.com”.
The market presented a strong demand for Bison’s shares, when its 15.50 million new shares which were made available for the Malaysian Public were oversubscribed by 6.94 times.
The listing of Bison’s shares raised RM88.68 million for the Group based on the final retail price of RM1.10 per share. RM35.55 million or 40.1% will be utilised for the purpose of outlet expansion and enhancing the Group’s existing outlets; and RM14.45 million or 16.3% will be used to improve its nationwide logistics and IT capabilities to support its growing network and product base, the establishment of an additional distribution centre, food preparation and packaging facility and acquiring additional transport equipment. RM32.23 million or 36.3% will be utilised to finance inventory stocking for new and existing outlets as well as other working capital requirements. The proceeds will be utilised for these purposes over the next 36 months. The remaining RM 6.45 million or 7.3% will be utilised for listing expenses.
Speaking at the listing ceremony earlier this morning, Managing Director of Bison, Mr Dang Tai Luk said, “Being able to obtain such an overwhelming response from our retail investors is great news for the Group which started out as a humble newsstand 19 years ago.”
“These funds which are entrusted to us will be put into good use to ensure we achieve our future plans and further expand our presence nationwide. Today marks a new corporate journey for us and we are excited to embark a step forward towards our next phase of growth,” Mr. Dang further commented.
CIMB Investment Bank Berhad is the Principal Adviser, Managing Underwriter and Sole Bookrunner for the listing of Bison.