KUALA LUMPUR: Swift Haulage Berhad (Swift Haulage) has signed an underwriting agreement with several investment banks for its initial public offering (IPO) to be listed on Bursa Malaysia’s main market. The integrated logistics services provider has signed the agreement with MIDF Amanah Investment Bank Bhd, AmInvestment Bank Bhd, Kenanga Investment Bank Bhd, and UOB Kay Hian Securities (M) Sdn Bhd.

Swift Haulage group chief executive officer Loo Yong Hui said the execution of this underwriting agreement brings the company one step closer to being a listed entity. Loo said this is indeed a significant milestone for the company as it leverages capital markets to propel forward into the next growth stage. “With the additional resources at our disposal, this will further cement our position as a major total logistics solutions service provider in Malaysia,” he said.

The proposed IPO will involve the sale of 314.14 million ordinary shares, comprising 157.14 million new shares and 157 million existing shares.

Up to 275.2 million shares will be involved in the institutional offering, representing 30.93 per cent of the enlarged share capital, with 157 million existing shares being offered to institutional and selected investors.

The remainder of the institutional offering comprising 118.2 million new shares will be offered to institutional and selected investors, including bumiputera investors approved by the Ministry of International Trade and Industry (MITI). Meanwhile, the retail offering comprising 38.93 million new shares, 17.79 million new shares will be made available for the Malaysian public via balloting, of which at least 8.89 million new shares will be earmarked for bumiputera investors.

The remaining 21.13 million new shares will be made available to eligible directors, employees and other persons who have contributed to the success of Swift Haulage. MIDF Investment chief executive officer Datuk Dominic Silva said the bank is delighted to be acting as the principal adviser for this IPO. “The IPO, which is a notable milestone in the company’s history, will serve as an avenue for Swift Haulage to further enhance their reputation and brand presence.

“The strong support provided by the underwriting institutions is testimony to Swift Haulage’s industry standing as a total logistics solutions service provider,” said Silva. MIDF Investment is the principal adviser, joint lead bookrunner, joint bookrunner, managing underwriter and joint underwriter for the IPO. AmInvestment is the joint lead bookrunner, joint bookrunner and underwriter, while Kenanga IB and UOBKH are joint bookrunners and underwriters for the IPO.