KUALA LUMPUR: Carlo Rino Group Bhd, which is currently listed on the LEAP Market of Bursa Malaysia Securities Bhd (Bursa Securities), has signed an underwriting agreement with TA Securities Holdings Bhd to transition to the ACE Market on Bursa Securities.
Carlo Rino is primarily engaged in the design, promotion, marketing, distribution, and retail of women’s handbags, footwear, and accessories under the brand names Carlo Rino and C.Rino (for eyewear).
The company will undertake an initial public offering (IPO) which entails the public issue of 171.86 million new ordinary shares in Carlo Rino (issue shares), representing approximately 17.58% of the company’s enlarged issued share capital.
TA Securities will underwrite 49.67 million issue shares, representing 5.08% of the company’s enlarged issued share capital. This includes 48.87 million shares available to the Malaysian public through balloting and 800,000 shares for subscription by the independent non-executive directors of the company.
Additionally, the remaining 122.18 million issue shares, representing 12.50% of the company’s enlarged issued share capital, will be offered through private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Carlo Rino said the proceeds from the IPO will be used for constructing and fitting out a new flagship boutique on Jalan Imbi, Kuala Lumpur, along with other facilities such as IT and security systems.
Funds will also go towards refurbishing boutiques and counters in department stores and maintaining IT infrastructure. The remaining proceeds will support the group’s working capital and cover IPO expenses.
“We are proud to announce this significant milestone as we transition from the LEAP Market to the ACE Market. This IPO represents Carlo Rino’s solid foundation and our ambitious plans for future growth. With the proceeds, we aim to expand our flagship boutique and enhance our operational infrastructure,” Carlo Rino group managing director Datuk Seri Chiang Fong Yee said in a statement.
Carlo Rino is expected to be listed in the fourth quarter of 2024. TA Securities is the principal adviser, sponsor, sole underwriter, and placement agent of the IPO.