Stainless steel tubes and pipes maker K Seng Seng Corporation Bhd (KSSC), which is undertaking a listing exercise, will use the funds to acquire new machinery as it seeks to expand its range of products and find new markets.
Its listing exercise will involve the sale of 42.324 million 50 sen shares, comprising 20.124 million new shares while the shareholders will offer 22.2 million existing shares for sale.
Under the listing exercise, six million of the 20.124 million new shares, will be set aside for the public while 5.124 million shares would be offered to the eligible directors and employees.
Nine million shares would be placed out to bumiputera investors identified by the Ministry of International Trade and Industry.
The company’s major shareholders will offer 22.2 million shares of 50 sen each to selected identified investors. Its major shareholders who will sell their shares are the chairman and managing director Koh Seng Kar @ Koh Hai Sew who is selling 15.54 million shares. His brother Koh Seng Lee, the deputy managing director, is selling 6.66 million shares.
KSSC will use the funds from the sale of new shares under the initial public offering (IPO) to acquire new machinery and equipment as it plans to produce a new range of secondary stainless steel products.
Part of the funds would be used to expand the market and working capital to purchase raw materials and industrial hardware.
KSSC exports products to Singapore, Indonesia, Papua New Guinea, the United Kingdom and Brunei.
Sales to these markets are transacted in US dollars, Singapore dollars and Brunei dollars, constituting 13.7%, 9.9% and 0.1% of its total revenue for the financial year ending Dec 31, 2009.
In its FY09, the domestic market contributed 72.8% to its total revenue. Singapore represented 15.7% of its revenue from overseas markets, Indonesia 8.4%, Papua New Guinea 1.6%, UK 1.4% and Brunei 0.1%.
KSSC plans to export to Thailand, Vietnam and the Philippines via an indirect distribution strategy using the countries’ local industrial hardware wholesalers and retailers.
The top 10 customers are mainly industrial hardware wholesalers, shipbuilders and one manufacturer. They are Sinhonly Fish Nets Pte Ltd, PT Wisisco Adijaya, Motor Jaya, JS Three (S) Pte Ltd, Perniagaan Baja Keras Sdn Bhd, EIE Industrial Products Sdn Bhd, Sapor Shipbuilding Sdn Bhd, Pipeco Sdn Bhd, Sum Hup Aluminium Hardware Trading Sdn Bhd and Stainless Steel World LLP.
Its last financial year, its top 10 customers accounted for 29.2% of its total revenue, with its largest customer contributing about 6.9% to its revenue.
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