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Showing posts with label IPO. Show all posts
Showing posts with label IPO. Show all posts

Saturday 14 October 2023

Budget 2024: SST increased to 8%, capital gains tax at 10% and luxury goods tax introduced

 


KUALA LUMPUR: A number of taxation reform measures will be implemented next year to expand the country's revenue base and at the same time not burden the majority of the people.

Prime Minister Datuk Seri Anwar Ibrahim said the tax collected by the government is one of the lowest in Asean at 11.8 per cent of gross domestic product compared to Singapore (12.6 per cent) and Thailand (16.4 per cent).

ALSO READ: Budget 2024: Five shelved LRT3 stations back on track, Penang LRT planned

Anwar, who is also the Finance Minister, said the government plans to increase the service tax rate to 8.0 per cent instead of 6.0 per cent and this does not include services such as food and beverages, and telecommunications.

"The government will also expand the scope of taxable services to include logistic services, brokerage, underwriting and karaoke," he said when presenting Budget 2024 in the Dewan Rakyat today.

ALSO READ: Budget 2024: Up to 15% discount for PTPTN repayments

Anwar said the government will enforce the implementation of capital gains tax for the disposal of unlisted shares by local companies based on the net profit at a rate of 10 per cent from March 1, 2024.

The government is also considering the exemption of capital gains tax on the disposal of shares related to certain activities such as approved initial public offering (IPO), internal restructuring and venture capital companies subject to specified conditions.

Anwar said the government will enact new legislation to tax certain luxury goods such as jewellery and watches based on the threshold value of the goods. - Bernama


Thursday 16 March 2023

Oppstar soars 225% on ACE Market debut, makes sterling debut on ACE Market

From left: Oppstar chief financial officer Chin Fung Wei, independent non-executive director Datuk Mohd Sofi Osman, independent non-executive chairman Datuk Siti Hamisah Tapsir, executive director and CEO Ng Meng Thai, executive director and chief technology officer Cheah Hun Wah, chief operating officer Tan Chun Chiat, independent non-executive director Datuk Margaret Yeo and independent non-executive director Foong Pak Chee 

Oppstar soars 225% on ACE Market debut

 

KUALA LUMPUR: Oppstar Bhd made its debut on the ACE Market of Bursa Malaysia at RM2.05 a share, a 225.4% premium over the issue price of 63 sen a share.

The stock was the most actively traded with 19.26 million shares exchanging hands.

The integrated circuit design service provider successfully raised RM104.25mil from the initial public offering exercise via the issuance of 165.48 million new ordinary shares.

Oppstar will utilise RM50mil to expand its workforce and RM25.00mil for the establishment of new offices both locally and regionally.

Meanwhile, another RM12mil will go towards research and development expenditure along with RM12.65mil for working capital.

The remaining RM4.6mil will be allocated for its listing related expenses.

“Our vision for the company is simple and clear and it is to show the global players that Malaysia is not only known for its back-end semiconductor value chain, but also has the capability to go into front-end semiconductor IC design.

"I am proud to say that we now serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the USA.

"As we gradually progress, we continually ask ourselves what we can do to expand our business and continue to build up Malaysia’s profile in the front-end semiconductor space. This was where the rationale to go for a listing came about leading up to this today," said Oppstar executive director and CEO Ng Meng Thai said in a statement. 

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Oppstar makes sterling debut on ACE Market

 

PETALING JAYA: Oppstar Bhd will focus on building its human resource capital post-listing, as the technology sector is set to grow from the opportunities presented by 5G, artificial intelligence and the Internet of Things.

The integrated circuit design service provider’s chief executive officer Ng Meng Thai said the bulk of the proceeds raised from Oppstar’s listing on the ACE Market of Bursa Malaysia yesterday would be used for the workforce expansion.

“At the moment we have 220 engineers and we have plans to increase that number to 500 in the next three years. With an enlarged workforce, we also hope to grow our revenue and profitability accordingly,” he said after the company’s listing yesterday.

The group is collaborating with various universities in the country to secure future design engineers.

“We started a programme in 2020 where we hire third-year university students for three months. They work part time for 20 hours a week and are paid RM1,500 a month. Upon graduating, they are required to work for us for a year. This is how we build our talent pool.

“When it comes to business, the multinational corporations (MNCs) are our customers. However these MNCs become our competitors when it comes to hiring. This is why other than fundraising, our objective in carrying out the listing exercise is also about hiring and retention,” said Ng.

Oppstar raised RM104.3mil from the public issue of 165.48 million new shares. The company made its debut in the market opening at RM2.05 per share, or a RM1.42 premium above the offer price of 63 sen per share.

The stock closed its maiden trading day up 285.7% or RM1.80 higher at RM2.43 a share. The share price hit a high of RM2.95 and a low of RM2 in intraday trade. Oppstar’s listing did not have an offer for sale of shares from its shareholders.

Oppstar chief financial officer Chin Fung Wei said the group intends to implement a long-term incentive plan of up to 15% of the total number of issued shares of the company for its employees.

“Prior to our initial public offering (IPO), we already had more than 20 shareholders. In fact, every one of our employees, except for those that came on board after the IPO’s closing date, is a shareholder of the company. This is one of our remuneration methods for our employees, apart from their monthly salary,” he said.

Ng added the group’s listing showed Malaysia was not only known for its back-end semiconductor value chain, but also had the capabilities to go into front-end semiconductor integrated circuit design.

“We serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the US. Our expansion plans will enable us to groom future talent and grow our geographical presence which will progressively help strengthen Malaysia’s front-end semiconductor ecosystem in line with our vision,” he said.

The group plans to payout at least 25% of its annual earnings as dividends. AmInvestment Research said the US-China trade war bodes well for Oppstar because China is compelled to develop its own semiconductor capabilities. 

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Related posts:

IC designer Oppstar focuses on talent, IPO offers good value for mony

  Oppstar is one the few Malaysian companies in the front-end of the semiconductor industry, offering a full spectrum of IC design services...

  Related news:

KLSE Screener
https://www.klsescreener.com › news › view › oppstar...
12 hours agoOppstar makes sterling debut on ACE Market. TheStar Thu, Mar 16, 2023 12:00am - 8 hours View Original. From left: Oppstar chief financial ..
 

ACE-Market listed Oppstar debuts at RM2.05, 225% premium ...

The Edge Markets
https://www.theedgemarkets.com › node
1 day agoACE-Market listed Oppstar debuts at RM2.05, 225% premium against IPO price of 63 sen.
 

ACE Market-bound Oppstar's IPO oversubscribed by 77 times

Daily Express Malaysia
https://www.dailyexpress.com.my › news › ace-market...
7 Mar 2023PETALING JAYA: Oppstar Bhd, which is en route to a listing on Bursa Malaysia's ACE Market on March 15, saw its initial public offering (IPO) ...
 
 
 

Thursday 14 August 2014

Showtime for China's E-commerce giant, Alibaba world-wide

It may start marketing pre-IPO share sale across 3 continents


Two weeks, three continents, and 100 meetings. That -- and founder Jack Ma celebrating his 50th birthday on the road -- is what it will take for Alibaba Group Holding Ltd. to pull off the largest initial public offering in U.S. history.

The Chinese e-commerce company is weighing a plan to start marketing the share sale to investors on Sept. 3, with management traveling across Asia, Europe and the U.S. before an initial public offering in the middle of the month, people with knowledge of the matter said.

The schedule, put forth by banks managing the IPO, would have meetings begin in Hong Kong and Singapore before executives travel to London and eventually host their first U.S. event in New York on Sept. 8, the people said, asking not to be identified discussing private information. The timeline has Alibaba targeting a Sept. 16 trading debut, the people said.

Related:
The investor meetings -- called a roadshow -- will give Alibaba the opportunity to answer questions from the world’s biggest fund managers and build demand for its shares. With Alibaba and selling shareholders expected to raise as much as $20 billion, the IPO has the potential to be the largest in the U.S. The company’s official price range is expected to be revealed on Sept. 2.


Photographer: Tomohiro Ohsumi/Bloomberg
Jack Ma, chairman of Alibaba Group Holding Ltd., speaks at SoftBank World 2014 in Tokyo, Japan.

Monday Pricing

For trading to start on Sept. 16, Alibaba would have to set a final price the day before -- a Monday. It is uncommon for companies in the U.S. to price IPOs on a Monday, in case news over the weekend negatively impacts market sentiment in the final day of the deal.

The plan is tentative and could change, although Alibaba wants to avoid debuting near the Jewish holiday the following week, one of the people said.


With six financial advisers already managing the sale, Alibaba plans to name additional banks that will have smaller roles on the deal, according to people familiar with the matter. The company will also update investors with earnings from the quarter through June, those people said.

Credit Suisse Group AG (CSGN), Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. are the most senior banks on the IPO. Alibaba may end up using more than 20 financial advisers in total, one person said.

Shares of Japanese wireless carrier SoftBank Corp. (9984), Alibaba’s largest shareholder, rose 2.4 percent at the close in Tokyo. Florence Shih, a Hong Kong-based spokeswoman for Alibaba, declined to comment.

Birthday Celebration

At $20 billion, Alibaba’s sale would edge past Visa Inc.’s $19.65 billion IPO in 2008 as the largest in U.S. history, data compiled by Bloomberg show.

Alibaba plans to divide executives into two separate teams, which will lead to about 100 meetings in total, according to the people. The teams will mostly be together for the larger group meetings, while separating to meet with individual investors, they said. The company hasn’t yet determined who from management will be attending each meeting, the people said.

In the U.S., Alibaba will also visit with investors in Boston, the Mid-Atlantic region, Kansas City, Chicago, Denver, Los Angeles and San Francisco, the people said.

On Sept. 10, when Ma celebrates his birthday, investor meetings will be held in New York, they said.

Alibaba is waiting until September to begin marketing the share sale as it seeks regulatory approval of its prospectus, a person with knowledge of the matter said last month. The company, which originally targeted an early August trading debut, is holding off to avoid rushing the deal as it continues discussions with the U.S. Securities and Exchange Commission, according to the person.

Discounted Valuation

The Chinese e-commerce operator may set its set its IPO value at $154 billion, or 22 percent below analyst valuations, in a move that could avoid repeating Facebook Inc. (FB)’s listing flop, according to the average estimate of five analysts surveyed by Bloomberg last month. The same analysts give Alibaba an average post-listing valuation of $198 billion, the survey shows.

Alibaba said yesterday it will sell its small-business lending arm to the company that already controls payments affiliate Alipay, separating itself from the last of its major financial units ahead of the IPO.

The sale takes financial and regulatory risk relating to the operations off of Alibaba’s balance sheet, while increasing the pool of profits the company can generate from them, the filing shows. The agreement also lifts a $6 billion cap, under certain conditions, on funds that Alibaba could receive if Alipay or its parent company go public, the filing shows.

 




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