Kucingko secures Bursa Malaysia's approval to list on ACE Market
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Tuesday, 30 Apr 2024
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KUALA LUMPUR: Kucingko Bhd will make its debut on the ACE Market after receiving approval from the market regulator to list its shares.
In a statement, the company said its initial public offering (IPO) will entail about 200 million shares, or about 40% of its enlarged number of issues shares. There will be 100 million shares available for public issue and an equal number for offer for sale.
Kucingko, via its wholly-owned unit Inspidea Sdn Bhd, is in the business of 2D animation production, including animated series and animated short films.
It has completed 59 projects worth RM63.22mil in total during the financial years ended Dec 31, 2020, 2021, 2022, and six-month financial period ended June 30, 2023.
According to the company, it will be the first animation production studio to list on Bursa Malaysia.
Executive director See Chin Joo said the listing will fuel its expansion plans in Malaysia and internationally.
He said the company plans to elevate its production capacity, deepen its business network in the US and reinforce its market leadership.
Specifically, a significant portion of the proceeds will be allocated towards increasing production capacity by setting up branch offices in Sabah and Sarawak.
“This expansion is not just about capacity; it’s about deepening our business relationships with our existing clients, and expanding the clientele network in the USA.
"Because of this need, part of the proceeds will be strategically used to establish a sales and marketing office in the USA, enabling us to be closer to our largest market and facilitate better client management and engagement.
"Lastly, the remaining portion of the proceeds will be earmarked for our working capital requirements," said See.
Kenanga Investment Bank Bhd
is the principal adviser, sponsor, underwriter and placement agent for Kucingko.
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