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Vestland Berhad’s wholly-owned subsidiary successfully bagged two Design & Build contracts, amounting to a total contract value of RM116.1 million

2023-10-060

Vestland Berhad’s wholly-owned subsidiary successfully bagged two Design & Build contracts, amounting to a total contract value of RM116.1 million

• Two Design & Build contracts were awarded to Vestland Resources Sdn Bhd by Derrida (M) Sdn Bhd (contract value: RM53.0 million) and Sg. Besi Construction Sdn Bhd (contract value:
RM63.1 million) respectively, with a total contract value of RM116.1 million.
• Total job wins for 2023 to-date amounted to RM783.7 million.
• Total outstanding order book value of approximately RM1.8 billion.

Shah Alam, Monday, 5th October 2023 – Vestland Berhad (“Vestland” or “the Group”) is pleased to announce that Vestland’s wholly-owned subsidiary, Vestland Resources Sdn Bhd has been awarded with two Design & Build contracts from Derrida (M) Sdn Bhd and Sg. Besi Construction Sdn Bhd respectively, amounting to a total contract value of RM116.1 million.

The contract from Derrida (M) Sdn Bhd relates to a Design & Build project for a school, quarters, hostel and related facilities located at Sabah, with contract value of RM53.0 million. Whereas the contract from Sg. Besi Construction Sdn Bhd relates to a Design & Build project for two-blocks of thirteen-storey apartment and related facilities located at Pulau Pinang, with a contract value of RM63.1 million.

In 2023 calendar year-to-date, Vestland has successfully bagged a total of RM783.7 million worth of contracts. Including the recent job wins, Vestland has a total outstanding order book value of approximately RM1.8 billion.

“We are delighted to share our success in securing two more Design & Build contracts, adding on to our remarkable milestone, pursuant to our listing on the ACE Market on 31st January 2023,” stated Group Managing Director, Datuk Liew Foo Heen. “Our adoption of Blue Ocean strategy of leveraging on our expertise in design and build have paid off, as evident in the consistent revenue contribution of 50-60% from design and build segment for the past quarters, providing a strong earnings visibility for the upcoming 3-4 years. Our team’s diligent effort in growing our Group is evident in our first ever contract win in Penang, expanding our presence geographically up to the Northern part of Peninsula Malaysia.”

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MEDIA CENTRE

Vestland Berhad’s wholly-owned subsidiary successfully bagged a RM93.0 million Design & Build contract, increasing the total job wins in 2023 to-date to RM645.6 million

2023-07-180

Vestland Berhad’s wholly-owned subsidiary successfully bagged a RM93.0 million Design & Build contract, increasing the total job wins in 2023 to-date to RM645.6 million

• Total contract value of RM93.0 million awarded to Vestland Resources Sdn Bhd by Mercu Majuniaga Sdn Bhd.
• Total job wins of RM645.6 million in 2023 to-date.
• Total outstanding order book value of approximately RM1.7 billion

Shah Alam, Monday, 17th July 2023 – Vestland Berhad (“Vestland” or “the Group”) is pleased to announce that Vestland’s wholly-owned subsidiary, Vestland Resources Sdn Bhd has been awarded a Design & Build contract from Mercu Majuniaga Sdn Bhd, a recurring customer of Vestland, worth RM93.0 million.

The contract relates to a Design & Build project for three blocks of fifteen-storey apartments and related facilities located at Kelab Golf Sultan Abdul Aziz Shah, Shah Alam, Selangor. The construction work shall be completed within 48 months from the commencement date.

In 2023 calendar year-to-date, Vestland has successfully bagged a total of RM645.6 million worth of contracts. Including the recent job win, Vestland has a total outstanding order book value of approximately RM1.7 billion.

“We are proud to announce the new contract awarded by Mercu Majuniaga Sdn Bhd which signifies their trust in us as a result of our consistent and high standards of quality,” stated Datuk Liew Foo Heen, Group Managing Director of Vestland. “The newly awarded contract further strengthens our outstanding order book to RM1.7 billion and adds on to our year-to-date successful job wins of RM645.6 million, providing a strong earnings visibility to the Group in the next 3-4 years to come. Vestland shall continue leveraging on its specialised Design & Build capabilities to establish higher benchmarks and further solidify our position in the industry.”

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MEDIA CENTRE

Vestland Berhad’s wholly-owned subsidiary successfully bagged a RM170.0 million Design & Build contract, increasing the total outstanding order book value to approximately RM1.7 billion

2023-05-310

Vestland Berhad’s wholly-owned subsidiary successfully bagged a RM170.0 million Design & Build contract, increasing the total outstanding order book value to approximately RM1.7 billion

• Total contract value of RM170.0 million awarded to Vestland Resources Sdn Bhd by Tafi Home and Office Sdn Bhd
• Total job wins of RM552.6 million in 2023 to-date.
• Total outstanding order book value of approximately RM1.7 billion.

Shah Alam, Tuesday, 30th May 2023 – Vestland Berhad (“Vestland” or “the Group”) is pleased to announce that Vestland’s wholly-owned subsidiary, Vestland Resources Sdn Bhd has been awarded a design and build contract from Tafi Home & Office Sdn Bhd, a recurring customer of Vestland, worth RM170.0 million.

The contract relates to a Design and Build project for SOHO and retail units. The project is situated in Bandar Subang Jaya, Petaling, Selangor and the construction work shall be completed in 34 months.

In year 2023 to-date, Vestland has successfully bagged a total of RM552.6 million worth of contracts. Including the recent job win, Vestland has a total outstanding order book value of approximately RM1.7 billion.

“The new contract awarded from Tafi Home and Office Sdn Bhd signifies their trust in us as a result of our high-quality construction services provided to them,” stated Datuk Liew Foo Heen, Group Managing Director of Vestland. “The award of this new contract further strengthens our outstanding order book to RM1.7 billion and adds on to our year-to-date successful job wins of RM552.6 million, providing a strong earnings visibility to the Group in the next 4-5 years to come. Furthermore, this also illustrates our Group’s commitment and ongoing diligence to deliver sustainable earnings to all our valued shareholders.”

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MEDIA CENTRE

VESTLAND BERHAD POSTED 1Q23 REVENUE OF RM88.7 MILLION AND PROFIT BEFORE TAX OF RM11.0 MILLION

2023-05-310

VESTLAND BERHAD POSTED 1Q23 REVENUE OF RM88.7 MILLION AND PROFIT BEFORE TAX OF RM11.0 MILLION

• Vestland has secured a total job wins of RM 382.6 million in 2023 to-date, making the total outstanding order book value approximately RM1.5 billion

Shah Alam, Monday, 29th May 2023 – Vestland Berhad (“Vestland” or “the Group”) is pleased to announce its financial performance for the first quarter ended 31 March 2023 (1QFY23). The Group reported a revenue of RM88.7 million and a PBT of RM11.0 million in the quarter under review, representing a PBT margin of 12.4%.

In 1QFY23, revenue slightly dipped by RM3.9 million or 4.3% from the preceding quarter (4QFY22: RM92.6 million) due to certain design and build projects nearing the completion stage during the quarter under review. The design and build segment remained the largest revenue contributor to the Group at 66.6% of total revenue in the quarter under review, followed by the build segment and civil engineering segment which contributed 29.9% and 3.5% of total revenue respectively. Revenue attributed to the design and build segment consists of projects locating in Sabah, Pahang, and the Klang Valley.

PBT in the quarter under review were higher by RM0.4 million or 3.4% compared to the preceding quarter (4QFY22: RM10.6 million). This was mainly due to the higher other income resulting from gain on disposal of assets held-for-sale and higher interest income during the quarter under review.

“We are pleased to announce yet another strong result after our successful listing on the ACE Market of Bursa Malaysia on 31st of January 2023, with an initial public offering (IPO) price of 33 sen,” stated Datuk Liew Foo Heen, Group Managing Director of Vestland Berhad. “The Group’s current outstanding orderbook and tender book stand at about RM1.5 billion and RM 2.9 billion respectively, which will provide strong earnings visibility to the Group in the next 4-5 years to come. We continue to leverage on our unique design and build capabilities to secure more job wins in 2023, where we have successfully secured a total job wins of RM 382.6 million in 2023-to-date,” added Datuk Liew Foo Heen.

Adding onto the Group’s Environmental, Social and Governance (“ESG”) initiatives, Datuk Liew further added “We have been incorporating and exploring the use of sustainable construction practices into our services such as recyclable system formworks used for site casting, more environmental-friendly materials, as well as digital innovation to manage our projects and resources to prevent any form of wastages. Our Group is dedicated in embedding sustainable practices into our operations with a view to enhance our ESG standards and concurrently doing our part to mitigate environmental impacts.”

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MEDIA CENTRE

Vestland Berhad’s wholly-owned subsidiary successfully bagged another Design and Build contract, with total job wins of RM372.6 million in 2023 to-date making the total outstanding order book value approximately RM1.5 billion

2023-05-310

Vestland Berhad’s wholly-owned subsidiary successfully bagged another Design and Build contract, with total job wins of RM372.6 million in 2023 to-date making the total outstanding order book value approximately RM1.5 billion.

• Total contract value of RM84.0 million awarded to Vestland Resources Sdn. Bhd. by Mercu Majuniaga Sdn. Bhd.
• Total job wins of RM372.6 million for Vestland in 2023 to-date.
• Total outstanding order book value of approximately RM1.5 billion

Petaling Jaya, Friday, 17th February 2023 – Vestland Berhad (“Vestland ”) is pleased to announce that Vestland’s wholly-owned subsidiary, Vestland Resources Sdn. Bhd. has been awarded a Design and Build contract from Mercu Majuniaga Sdn. Bhd., a key customer of Vestland, worth RM84.0 million.

The contract relates to a Design and Build project, for a 35-storey service apartment which consists of 9 levels of carpark, 12 units of shop lots and 338 residential apartment units. The project is situated at Shah Alam.

In year 2023 to-date, Vestland has successfully bagged a total of RM372.6 million worth of contracts. Including the recent job wins, Vestland has a total outstanding order book value of approximately RM1.5 billion.

“The new contracts awarded so far represents a testament to Vestland’s strong capabilities in its Design and Build work,” said Datuk Liew Foo Heen, Group Managing Director of Vestland Berhad. “We will continue to execute diligently on our outstanding order book of around RM1.5 billion and deliver all projects to our clients on time. Post-listing on the ACE Market of Bursa Malaysia Securities Berhad, we target to deliver more positive outcomes for all our valued partners and stakeholders by expanding our order book and leveraging on our Design and Build capabilities,” added Datuk Liew Foo Heen.

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MEDIA CENTRE

Vestland Berhad Successfully Listed on the ACE Market

2023-01-310

From left to right: Names & Designation

Num.

Name

Designation

1.

Dato’ Yong Lei Choo

Independent Non-Executive Director

Vestland Berhad

2.

Mr Wong Sai Kit

Executive Director

Vestland Berhad

3.

Datuk Liew Foo Heen

Group Managing Director

Vestland Berhad

4.

Dato’ Mathialakan Chelliah

Independent Non-Executive Chairman

Vestland Berhad

5.

Mr Ong Wei Liam @ Jeremy Ong

Independent Non-Executive Director

Vestland Berhad

6.

Mr Wee Chuen Lii

Independent Non-Executive Director

Vestland Berhad

Vestland Berhad Successfully Listed on the ACE Market

  • Strong debut on the ACE Market with an opening of RM0.38

Petaling Jaya, Tuesday, 31st January 2023 – Vestland Berhad (“Vestland”) is pleased to announced that Vestland’s IPO shares have successfully been listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) today. The stock carries the stock name of VLB (Stock Code 0273).

On the opening bell, Vestland’s shares opened with a share price of RM0.38, a premium of 15% to the initial public offering (“IPO”) price of RM0.33 and a cumulative trading volume of 270 million as at 10 am.

“This is a significant milestone for our company, and it is a testament to the hard work and dedication of our team. Being listed on the capital market will provide us with greater visibility, access to a wider pool of investors, and the ability to raise capital to drive our business forward. It also demonstrates the confidence that investors have in Vestland’s growth prospects and future potential especially in the design and build industry. This is an exciting time for Vestland, and we look forward to continuously deliver value to our shareholders as we move forward.” remarked Vestland’s Group Managing Director, Datuk Liew Foo Heen.

Prior to the listing, Vestland have released their interim financial report for the third quarter ended 30 September 2022. A total cumulative revenue of RM211.4 million for financial period ending 30 September 2022 (“9M22”) was recorded. Of the RM211.4 million revenue, 66.1% or RM139.8 million was contributed by the Design and Build segment, representing Vestland’s core competence and adoption of ‘blue ocean’ strategy. Vestland also recorded a profit before tax of RM24.1 million for the 9M22, representing a margin of 11.4%.

Vestland believes that its prospects will be favourable in the near future as they will continue leveraging on their core competences in the construction front, specifically in the design and build segment which contributed mainly to Vestland’s total revenue as evident in their 9M22 results. The partial utilisation of the IPO proceeds to support Vestland’s business will lay strong and sustainable foundation for Vestland, ensuring a perpetual growth for Vestland and its stakeholders.

AmInvestment Bank is the IPO’s principal adviser, sponsor, placement agent and underwriter.

 

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From left to right: Names & Designation

Num.

Name

Designation

1.

Dato’ Yong Lei Choo

Independent Non-Executive Director

Vestland Berhad

2.

Mr Wong Sai Kit

Executive Director

Vestland Berhad

3.

Datuk Liew Foo Heen

Group Managing Director

Vestland Berhad

4.

Dato’ Mathialakan Chelliah

Independent Non-Executive Chairman

Vestland Berhad

5.

Mr Ong Wei Liam @ Jeremy Ong

Independent Non-Executive Director

Vestland Berhad

6.

Mr Wee Chuen Lii

Independent Non-Executive Director

Vestland Berhad

Vestland Berhad Successfully Listed on the ACE Market

  • Strong debut on the ACE Market with an opening of RM0.38

Petaling Jaya, Tuesday, 31st January 2023 – Vestland Berhad (“Vestland”) is pleased to announced that Vestland’s IPO shares have successfully been listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) today. The stock carries the stock name of VLB (Stock Code 0273).

On the opening bell, Vestland’s shares opened with a share price of RM0.38, a premium of 15% to the initial public offering (“IPO”) price of RM0.33 and a cumulative trading volume of 270 million as at 10 am.

“This is a significant milestone for our company, and it is a testament to the hard work and dedication of our team. Being listed on the capital market will provide us with greater visibility, access to a wider pool of investors, and the ability to raise capital to drive our business forward. It also demonstrates the confidence that investors have in Vestland’s growth prospects and future potential especially in the design and build industry. This is an exciting time for Vestland, and we look forward to continuously deliver value to our shareholders as we move forward.” remarked Vestland’s Group Managing Director, Datuk Liew Foo Heen.

Prior to the listing, Vestland have released their interim financial report for the third quarter ended 30 September 2022. A total cumulative revenue of RM211.4 million for financial period ending 30 September 2022 (“9M22”) was recorded. Of the RM211.4 million revenue, 66.1% or RM139.8 million was contributed by the Design and Build segment, representing Vestland’s core competence and adoption of ‘blue ocean’ strategy. Vestland also recorded a profit before tax of RM24.1 million for the 9M22, representing a margin of 11.4%.

Vestland believes that its prospects will be favourable in the near future as they will continue leveraging on their core competences in the construction front, specifically in the design and build segment which contributed mainly to Vestland’s total revenue as evident in their 9M22 results. The partial utilisation of the IPO proceeds to support Vestland’s business will lay strong and sustainable foundation for Vestland, ensuring a perpetual growth for Vestland and its stakeholders.

AmInvestment Bank is the IPO’s principal adviser, sponsor, placement agent and underwriter.

 

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MEDIA CENTRE

INITIAL PUBLIC OFFERING (“IPO”) IN CONJUCTION WITH THE LISTING OF VESTLAND BERHAD (“VESTLAND”) ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) COMPRISING IN PUBLIC ISSUE OF 170.0 MILLION NEW SHARES AND OFFER FOR SALE OF 70.8 MILLION EXISTING SHARES AT AN IPO PRICE OF RM0.33 PER SHARE.

2023-01-180

INITIAL PUBLIC OFFERING (“IPO”) IN CONJUCTION WITH THE LISTING OF VESTLAND BERHAD (“VESTLAND”) ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) COMPRISING IN PUBLIC ISSUE OF 170.0 MILLION NEW SHARES AND OFFER FOR SALE OF 70.8 MILLION EXISTING SHARES AT AN IPO PRICE OF RM0.33 PER SHARE.
• Strong oversubscription rate of IPO shares by total of 18.38 times by the Malaysian public portion

Petaling Jaya, Wednesday, 18th January 2023 – Vestland Berhad is pleased to announce that the public issue of Vestland consisting of 47,216,000 new shares made available for application by the Malaysian public has been oversubscribed.

The IPO involves the issuance of Shares in the following manner:

(I) Public issue of 170,000,000 New Ordinary Shares in the following manner:
• 47,216,000 New Shares made available for application by the Malaysian public;
• 27,745,000 New Shares made available for application by the eligible Directors and employees as well persons who have contributed to the success of the Group; and
• 95,039,000 New Shares by way of private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry, Malaysia

(II) Offer for sale of 70,800,000 Existing Shares in the following manner:
• 23,000,000 Existing Shares by way of private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry, Malaysia; and
• 47,800,000 Existing Shares by way of private placement to selected investors

A total of 14,227 applications for 914,888,000 issue shares with a value of RM301,913,040.00 were received from the Malaysian public, which represents an overall oversubscription rate of 18.38 times. For the Bumiputera portion, a total of 7,994 applications for 353,468,000 issue shares were received, which represents an oversubscription rate of 13.97 times. For the public portion, a total of 6,233 applications for 561,420,000 issue shares were received, which represents an oversubscription rate of 22.78 times.

Meanwhile, 27,745,000 new shares made available for application by eligible directors, employees and persons who have contributed to the success of the Group have also been fully subscribed. Furthermore, the shares offered via private placement to selected investors have also been fully subscribed.

AmInvestment Bank is the IPO’s principal adviser, sponsor, placement agent and underwriter. The Placement Agent has confirmed that the 165,839,000 Shares made available for application by way of private placement have been oversubscribed and fully placed out to a balanced mix of high quality institutional investors and high net worth individuals.

“This oversubscription provides a clear illustration of an overwhelming response from investors and a clear indication of the confidence they have in Vestland’s growth prospects and future potential,” said Datuk Liew, Group Managing Director of Vestland Berhad. “This strong demand for Vestland’s shares will provide the Group with the capital required to continue our expansion and drive our business forward. I would like to extend my sincere thanks to all of our investors and various stakeholders for their support, and we look forward to delivering value to our shareholders in the years to come.”

The notices of allotment will be mailed to all successful applicants on 27th January 2023.

The Group is expected to list on the ACE Market on the 31st January 2023.

 

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MEDIA CENTRE

Vestland Berhad Launches IPO Prospectus

2022-12-270

Vestland Berhad Launches IPO Prospectus
With an expected raise of RM56.1 million from the IPO exercise

Petaling Jaya, Wednesday, 27th December 2022 – Vestland Berhad (“Vestland”) is marking a new major milestone to being listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”), following its prospectus launch in Hilton, Kuala Lumpur, 11:00 am this morning.

Vestland is a construction services business and through its wholly-owned subsidiary, Vestland Resources Sdn. Bhd. (collectively, the “Group”), is primarily involved in the construction of private developments, industrial buildings and government projects. The group has a Construction Industry Development Board (CIDB) Grade 7 contractor equipped with strong design and build capabilities. Since its’ establishment in 2011, the Group has an exceptional track record as a building contractor in the construction industry, with experience and capabilities in the construction of a diverse range of residential and non-residential buildings for both private and public sectors. Started as a pure Build contractor, the Group has expanded its scope of work to become a Design-And-Build contractor in 2020, which resulted in the Group’s ability to capture higher margins. In 2021, the Group expanded its business to include Civil Engineering works.

The prospectus launch is in conjunction with Vestland’s initial public offering (“IPO”) of 240.8 million ordinary shares at an issue/offer price of RM0.33 per share. The IPO comprises a public issue of 170.0 million new shares, and an offer for sale of 70.8 million existing shares, aggregating to a total of 240.8 million ordinary shares. Upon Vestland’s listing on the ACE Market of Bursa Malaysia, the market capitalisation of Vestland is estimated to be RM311.6 million.

The Group plans to use the IPO proceeds to supplement working capital requirements, in line with the growth strategies of the Group’s operations.

“Our proven track record since inception have demonstrated our commitment and excellence in becoming a preferred choice by our customers. We are entirely grateful for all the support and belief bestowed upon us by our current stakeholders and we look forward to embarking into this journey of sustainable growth with Vestland together.” said Datuk Liew Foo Heen, Group Managing Director at the launch today.

“Riding on a strong tender book of more than RM2 billion worth of projects, as well as an outstanding orderbook of RM947.4m, we are optimistic in creating new value for our existing and new stakeholders. With our listing expected to be completed next month, we expect this milestone to positively enhance our access to funding, corporate image and significantly increase our business competitiveness in terms of cost of funds and human capital, to secure more project and increase our revenue and earnings.” added Datuk Liew.

“It is our vision to nurture and help businesses grow from cradle to Initial Public Offering (IPO) through our “Road to Capital Markets” initiative which was launched in November 2019. This initiative was set up for our SME customers,” said AmInvestment Bank Berhad Chief Executive Officer, Ms. Tracy Chen Wee Keng. “Vestland is a milestone showcasing the success of our “Road to Capital Markets” initiative where our Business Banking and Investment Banking teams have cooperated with each other to help Vestland realise its aspiration to be a listed company.”

AmInvestment Bank Berhad is the principal adviser, sponsor, placement agent and underwriter for this listing exercise.

Indicative Timetable

EVENT

DATE

Issuance of prospectus and opening date of application for IPO shares

27th December 2022

Closing date of application for IPO shares

16th January 2023

Balloting of application for IPO shares

18th January 2023

Allotment/transfer of Vestland shares to successful applicants

27th January 2023

Target Listing Date

31st January 2023

 

From left to right: Names & Designation

Num.

Name

Designation

1.

Mr Ong Wei Liam @ Jeremy Ong

Independent Non-Executive Director

Vestland Berhad

2.

Dato’ Yong Lei Choo

Independent Non-Executive Director

Vestland Berhad

3.

Mr Wong Sai Kit

Executive Director

Vestland Berhad

4.

Datuk Liew Foo Heen

Group Managing Director

Vestland Berhad

5.

Ms Tracy Chen Wee Keng

Chief Executive Officer

AmInvestment Bank Berhad

6.

Dato’ Mathialakan Chelliah

Independent Non-Executive Chairman

Vestland Berhad

7.

Mr Wee Chuen Lii

Independent Non-Executive Director

Vestland Berhad

8.

Mr. Yeow Swee Yun

Executive Vice President, Commercial Banking

AmBank (M) Berhad

 

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Vestland Berhad Launches IPO Prospectus
With an expected raise of RM56.1 million from the IPO exercise

Petaling Jaya, Wednesday, 27th December 2022 – Vestland Berhad (“Vestland”) is marking a new major milestone to being listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”), following its prospectus launch in Hilton, Kuala Lumpur, 11:00 am this morning.

Vestland is a construction services business and through its wholly-owned subsidiary, Vestland Resources Sdn. Bhd. (collectively, the “Group”), is primarily involved in the construction of private developments, industrial buildings and government projects. The group has a Construction Industry Development Board (CIDB) Grade 7 contractor equipped with strong design and build capabilities. Since its’ establishment in 2011, the Group has an exceptional track record as a building contractor in the construction industry, with experience and capabilities in the construction of a diverse range of residential and non-residential buildings for both private and public sectors. Started as a pure Build contractor, the Group has expanded its scope of work to become a Design-And-Build contractor in 2020, which resulted in the Group’s ability to capture higher margins. In 2021, the Group expanded its business to include Civil Engineering works.

The prospectus launch is in conjunction with Vestland’s initial public offering (“IPO”) of 240.8 million ordinary shares at an issue/offer price of RM0.33 per share. The IPO comprises a public issue of 170.0 million new shares, and an offer for sale of 70.8 million existing shares, aggregating to a total of 240.8 million ordinary shares. Upon Vestland’s listing on the ACE Market of Bursa Malaysia, the market capitalisation of Vestland is estimated to be RM311.6 million.

The Group plans to use the IPO proceeds to supplement working capital requirements, in line with the growth strategies of the Group’s operations.

“Our proven track record since inception have demonstrated our commitment and excellence in becoming a preferred choice by our customers. We are entirely grateful for all the support and belief bestowed upon us by our current stakeholders and we look forward to embarking into this journey of sustainable growth with Vestland together.” said Datuk Liew Foo Heen, Group Managing Director at the launch today.

“Riding on a strong tender book of more than RM2 billion worth of projects, as well as an outstanding orderbook of RM947.4m, we are optimistic in creating new value for our existing and new stakeholders. With our listing expected to be completed next month, we expect this milestone to positively enhance our access to funding, corporate image and significantly increase our business competitiveness in terms of cost of funds and human capital, to secure more project and increase our revenue and earnings.” added Datuk Liew.

“It is our vision to nurture and help businesses grow from cradle to Initial Public Offering (IPO) through our “Road to Capital Markets” initiative which was launched in November 2019. This initiative was set up for our SME customers,” said AmInvestment Bank Berhad Chief Executive Officer, Ms. Tracy Chen Wee Keng. “Vestland is a milestone showcasing the success of our “Road to Capital Markets” initiative where our Business Banking and Investment Banking teams have cooperated with each other to help Vestland realise its aspiration to be a listed company.”

AmInvestment Bank Berhad is the principal adviser, sponsor, placement agent and underwriter for this listing exercise.

Indicative Timetable

EVENT

DATE

Issuance of prospectus and opening date of application for IPO shares

27th December 2022

Closing date of application for IPO shares

16th January 2023

Balloting of application for IPO shares

18th January 2023

Allotment/transfer of Vestland shares to successful applicants

27th January 2023

Target Listing Date

31st January 2023

 

 

From left to right: Names & Designation

Num.

Name

Designation

1.

Mr Ong Wei Liam @ Jeremy Ong

Independent Non-Executive Director

Vestland Berhad

2.

Dato’ Yong Lei Choo

Independent Non-Executive Director

Vestland Berhad

3.

Mr Wong Sai Kit

Executive Director

Vestland Berhad

4.

Datuk Liew Foo Heen

Group Managing Director

Vestland Berhad

5.

Ms Tracy Chen Wee Keng

Chief Executive Officer

AmInvestment Bank Berhad

6.

Dato’ Mathialakan Chelliah

Independent Non-Executive Chairman

Vestland Berhad

7.

Mr Wee Chuen Lii

Independent Non-Executive Director

Vestland Berhad

8.

Mr. Yeow Swee Yun

Executive Vice President, Commercial Banking

AmBank (M) Berhad

 

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