Sorento Capital seeks ACE Market Listing for Sanitaryware

Sorento Capital Bhd, a distributor of bathroom and kitchen sanitary ware products, is seeking an initial public offering (IPO) on Bursa Malaysia's ACE Market to support its expansion plans. The IPO will comprise issuing 155 million new shares and offering up to 74 million existing shares, with 43 million shares accessible to the public and 16 million set aside for internal stakeholders. Additionally, 96 million shares will be privately placed with Bumiputera investors as approved by the Ministry of Investment, Trade, and Industry.

The funds raised from the IPO will be utilized for advertising, brand enhancement, and expanding the dealer network, aiming to onboard 200 new dealers across Malaysia in the next three years. Sorento Capital Bhd, with subsidiaries like Sorento Sdn Bhd and Beyond Bath Sdn Bhd, has a diverse portfolio of bathroom and kitchen sanitary ware products. Notably, it is the authorized distributor in Malaysia for foreign brands such as Bravat and Infinity. In the fiscal year ending June 30, 2023, the company experienced significant growth, with net profit rising by 95.65% and revenue increasing by 23.84%. Alliance Islamic Bank Bhd is overseeing the IPO process.

Source: The Edge Malaysia