MST Golf inks IPO underwriting deal with RHB Investment Bank

MST Golf owns and operates 42 golf retail outlets comprising 35 in Malaysia and seven in Singapore.

PETALING JAYA: MST Golf Group Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for its proposed initial public offering and listing on Bursa Malaysia’s Main Market in the third quarter of 2023. In a statement today, Malaysia’s largest golf retail chain said that the IPO entails an offering of 228 million ordinary shares, comprising a public issue of 160 million new shares and an offer for sale of up to 68 million existing shares.

There is an institutional offering of up to 178.6 million shares for identified institutional and selected investors, including Bumiputera investors approved by the investment, trade and industry ministry, the statement said. There will also be a retail offering of 49.4 million issue shares for the Malaysian public, independent non-executive directors and eligible employees who have contributed to the group’s success.MST Golf executive director and group CEO Ng Yap said the IPO will help to accelerate the retail penetration in other golf markets in Southeast Asia, starting with Indonesia, Thailand and Vietnam.RHB Investment Bank will underwrite the 41.

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