China Ouhua Winery Holdings (Ouhua), en route for a listing on the Main Market of Bursa Malaysia on Nov 3, expects to raise RM79.5 million from its initial public offering (IPO).
Wang said about 45 per cent of the proceeds would be used to expand the company's market presence and distribution network, in particular, its Fazenda Ohua specialty stores.
Wang said about 45 per cent of the proceeds would be used to expand the company's market presence and distribution network, in particular, its Fazenda Ohua specialty stores.
According to the prospectus, this would be achieved through the expansion of the distribution network and the establishment of new representative offices.
As part of the listing exercise, Ouhua will undertake a public issue of 132.55 million new ordinary shares, which represent 19.8 per cent of the company's enlarged issued and paid-up share capital, at 60 sen apiece.
Ouhua will have market capitalisation of over RM400 million upon the completion of its listing.
It intends to distribute 35 per cent of its net profit to shareholders as dividends for financial year ending Dec 31, 2010.
It recorded a pre-tax profit of RM46.09 million for its first half year ended June 30, a 16.6 per cent increase from RM38.4 million in the previous corresponding period.
Revenue rose by 19.2 per cent to RM112.25 million from RM90.69 million previously.
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