By UMA SHANKARI





CONSTRUCTION and property company KSH Holdings will offer 25 million shares at 36 cents each in a mainboard initial public offering (IPO), the company announced yesterday.





CONSTRUCTION and property company KSH Holdings will offer 25 million shares at 36 cents each in a mainboard initial public offering (IPO), the company announced yesterday.



The offer represents about 28.4 per cent of issued share capital - valuing KSH at $31.7 million.

Of the shares offered, 24 million will be for placement while the remaining maining one million shares are for public subscription. One million of the placement shares are reserved for the company's independent directors, management, employees, and business associates, among others, KSH said.maining one million shares are for public subscription. One million of the placement shares are reserved for the company's independent directors, management, employees, and business associates, among others, KSH said.

The listing will raise net proceeds of $6.75 million which will be used to expand the company's business in Singapore, China and Malaysia, the three markets in which KSH is present.

KSH said $2.0 million will be used to grow its property development business in China. The company has an established presence in China, where it is mainly engaged in the property development and property management business. KSH's projects there include a commercial complex in Tianjin and a residential project in Beijing.

Another $500,000 will be used to expand the construction business in Malaysia, where the company ventured into in June 2006 with the acquisition of its wholly owned subsidiary Techpath.

That same month, Techpath started work on a car assembly plant in Selangor.

Of the balance, $1.5 million will be used to buy construction equipment, while the remaining $2.75 million is earmarked for general working capital purposes.

KSH's chairman and MD Choo Chee Onn said that he hopes the listing will boost KSH's profile and help it secure bigger projects in Singapore. The offer will close at noon on Feb 6. Trading is expected to begin on Feb 8.



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