Kuala lumpur: Aviation maintenance company GTA Holdings Bhd has received Bursa Malaysia approval for listing on the ACE Market. Its managing director and chief executive officer Datuk Nonee Ashirin Mohd Radzi stated that the approval is a significant milestone in the company's corporate journey, highlighting progress in building a specialized aviation support business with technical capabilities, trusted customer relationships, and a clear growth strategy.

According to BERNAMA News Agency, the proposed initial public offering (IPO) will involve 329 million shares, comprising a public issue of 205 million new shares and an offer for sale of 124 million existing shares, in conjunction with its ACE Market listing. The group's prospectus details that the public issue includes 64.57 million shares for application by the Malaysian public, 12.91 million shares for eligible directors and employees, and 127.52 million shares by way of private placement to institutional and selected investors.

Based on the enlarged issued share capital of 1.29 billion shares, the IPO shares represent approximately 25.48 percent of the company's enlarged share base. GTA Holdings plans to use the proceeds from the public issue to establish a new operating facility, expand helicopter maintenance, repair, and overhaul (MRO) activities in the Middle East, and delve into the MRO of landing gear, wheels, and brakes. The funds will also address working capital requirements and listing expenses.

GTA has indicated that the new facility will bolster its technical capabilities in MRO activities, additional certifications, increased headcount, and new training-related initiatives. Hong Leong Investment Bank Bhd is serving as the principal adviser, sponsor, sole underwriter, and sole placement agent.