APFT Bhd, flight education and training service provider, aims to raise RM11 million from its initial public offering (IPO) exercise, scheduled for this March 18.
The IPO is in conjunction with the company's listing on the Main Market of Bursa Malaysia Securities Bhd.
Proceeds from the IPO exercise will be used to repay bank borrowings, as well as for working capital and the expansion of its training facility.
Under the IPO exercise, the company would issue 22 million new ordinary shares at an issuance price of RM0.50 per share.
Of the 22 million shares, 15 million shares would be offered to the public and seven million to eligible employees and selected persons.
Another 17.25 million existing shares will be offered for sale by way of placement to identified investors.
APFT is the owner and operator of the Asia Pacific Flight training Academy which currently has 35 aircrafts, 45 instructors and an enrollment of more than 750 students.
The IPO is in conjunction with the company's listing on the Main Market of Bursa Malaysia Securities Bhd.
Proceeds from the IPO exercise will be used to repay bank borrowings, as well as for working capital and the expansion of its training facility.
Under the IPO exercise, the company would issue 22 million new ordinary shares at an issuance price of RM0.50 per share.
Of the 22 million shares, 15 million shares would be offered to the public and seven million to eligible employees and selected persons.
Another 17.25 million existing shares will be offered for sale by way of placement to identified investors.
APFT is the owner and operator of the Asia Pacific Flight training Academy which currently has 35 aircrafts, 45 instructors and an enrollment of more than 750 students.
APFT had failed to pay the Nov 2011salary to its employees as of today 10:42 hr 06 Dec 2011. Heard that APFT not willing to buy spares for its aircraft. The Engineer had left and many people are leaving the company.
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