IPO ... TILB

Penang-based property developer Tambun Indah Land Bhd (TILB) seeks to raise RM22.4mil from its upcoming initial public offering (IPO) to boost its war chest.

It played down the likelihood of the company expanding into the Klang Valley.

The IPO involved the sale of 54.1 million shares in TILB at an offer price of 70 sen a share. Of the 22.4mil proceeds, RM12.7 will be used for working capital.

TILB has some 85.8ha of land bank, mostly located in the southern part of Seberang Prai. It also has the option to acquire another 40.5ha in this area.