KUALA LUMPUR: Ipoh-based bus company, Perak Transit Bhd, is allocating RM20 million of its initial public offering (IPO) proceeds totalling RM36.75 million for expansion.Chief finance officer John Loh Kwang Yean said part of the allocation would be used for the construction of a new integrated public transportation terminal in Kampar, Perak, and the acquisition of 25 new express buses. "For the Kampar terminal, we already have planning approval from the Perak state authority and are currently awaiting the building plan. "Upon obtaining the building plan approval, we expect construction to take around 18 months to complete," he told reporters after the launch of the company's prospectus in conjunction with its IPO in Kuala Lumpur on Thursday.The acquisition of new 25 new express buses was expected to materialise by the year-end, added Loh. Currently, the group owns 146 buses.Perak Transit, which will list on the Ace market on Oct 6, currently operates the AmanJaya integrated public transportation terminal in Ipoh and provides public bus services.Besides the expansion expenditure, the group is also allocating RM2.11 million for repayment of hire-purchase facilities, working capital (RM10.48 million) and estimated listing expenses (RM4.16 million).

Source: The Star September 15, 2016 07:03 UTC