Yoong Onn Corp aims to be world player in home linen industry
KUALALUMPUR: Yoong Onn Corp Bhd which is to be listed soon, will allocateRM6 million to strengthen the company and make it a leading player inthe home linen industry in Malaysia and overseas.
Managingdirector and group chief executive officer, Roland Chew Hon Foong saidthe allocation is from part of the capital raised from the initialpublic offering (IPO), for listing by year end.
"We expect toraise RM22.2 million from the listing exercise. The balance is to beutilised among others, by the group, for repayments of bank borrowingsand defray listing expenses," he said.
Speaking to reportersafter an underwriting agreement signing ceremony, Wednesday with PublicInvestment Bank Bhd, Chew said Yoong Onn will launch more advertisingand promotion campaigns for domestic and overseas expansion.
"We will build an extensive distribution network and are now, in the midst of finalising the work on expansion," he said.
Currently,Yoong Onn has an overseas presence in Fiji, Mozambique, Turkey, Brunei,Singapore, Taiwan, Vietnam, Indonesia and New Caledonia, with a 21 percent contribution to its revenue.
It also holds a market share of about 22 per cent locally with 13 retail outlets in the Klang Valley, Penang and Johor Baharu.
Chewsaid the company is optimistic about continuing to record growth inview of a positive trend in the economy, especially the encouragingsigns in the property market.
Yoong Onn recorded a compoundedannual growth rate of 24.6 per cent in net profit on the back of 24.6per cent in revenue for the financial year ended June 30, 2009.
PublicInvestment Bank Bhd said the IPO of Yoong Onn involves the public issueof 25,170,740 new ordinary shares of 50 sen each and an offer for saleof 25,229,260 ordinary shares of 50 cents each for both, at an IPOprice of 88 cents per share.
"The IPO provides an opportunity tothe general public to invest in an established and reputable playerslike Yoong Onn to the Main Market," Public Investment's head ofcorporate finance Phang Siew Loong said.
"In fact we believethat Yoong Onn's listing will be a unique play in Bursa Malaysia, giventhat it will be the first home linen player to be listed here," Phangadded.
Yoong Onn is an integrated manufacturer and distributorof its own brand home linen which focuses on the production of bed andbath linen, bedding accessories and curtains.
To date, it has 14established brands catering to premium and mid-range consumer marketsand includes Jean Perry, Novelle, Louis Casa, Genova, Diana andCotonsoft. - Bernama |
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发表于 9-12-2009 04:16 PM
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