KUALA LUMPUR (Mac 4): Leon Fuat Bhd, a steel player, has gained approval from the Securities Commission to list on Bursa Malaysia.
In a statement today, the group said that it has received approval to issue 59.31 million new ordinary shares at RM0.50 each and an offer for sale of up to 31.00 million existing shares.
“The endorsement has given us more reason to persevere and continue on our journey to becoming a listed entity,” said the group’s managing director Ooi Bin Keong.
For the past three financial years, the steel maker has reported an increase in revenue to RM542.94 million, from RM355.42 million, with a corresponding increase in profit after tax to RM25.16 million from RM17.04 million.
Its increase in revenue and profit was supported by trading and processing of steel products.
Three of Leon Fuat’s subsidiaries have also obtained ISO certifications for the distribution of steel materials and provision of cutting services, the company said.
“The future landscape of the industry that the group operates in will always be competitive, but we are confident of our ability to remain ahead of our competitors and will continue to march forward,” Ooi said.
Leon Fuat, established in 1972, is involved in the business of trading and processing of steel products with a specialty in rolled long and flat products with a focus on carbon steel.