Radium's leadership are well known entrepreneur in property industry. They are not political linked.

KUALA LUMPUR (April 3): Property developer Radium Development Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd and CIMB Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd.

The IPO exercise involves a public issuance of 868 million new shares, representing 25% of its enlarged share capital.

Radium’s IPO is distinctive in that there is no offer-for-sale component, with all IPO proceeds to be channelled to the group.

The IPO proceeds will substantially be utilised for the acquisition of land bank and development expenditure, as well as hotel construction, demonstrating Radium’s commitment to accelerating its business growth.

Out of the 868 million new shares to be issued, 273 million shares will be made available to the Malaysian public via balloting, followed by 60 million shares to its eligible key senior management, employees of the group and business associates, including any other persons who have contributed to the success of the group.

A further 435 million shares will be offered by way of private placement to selected Bumiputera investors approved by the Ministry of International Trade and Industry, and the remaining 100 million shares for selected investors by way of private placement.

Malacca Securities is the principal adviser, managing underwriter and a joint placement agent for the IPO, while CIMB Investment Bank is a joint underwriter and joint placement agent.

Radium is slated to be listed on the Main Market in the second quarter of 2023.

35 sen