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Malaysia's CTOS Digital Bhd announces $290 million IPO launch

KUALA LUMPUR, June 30 (Reuters) - Malaysian credit reporting firm CTOS Digital Bhd on Wednesday announced plans to launch its 1.2 billion ringgit ($289 million) initial public offering (IPO), the country’s biggest listing for the year so far.

The company said at the launch of its prospectus that it expects to list on the Malaysian bourse on July 19.

The listing would entail a public issue of 200 million new shares and an offer-for-sale allocation of 900 million existing shares, priced at 1.10 ringgit each, the firm said.

It said it planned to use 220 million ringgit in the IPO proceeds to repay bank borrowings, investments and acquisition, and defray listing fees and expenses.

The firm has earmarked 56 million ringgit for future acquisitions and has “identified some targets... both local and offshore,” CTOS chief executive officer Dennis Martin told reporters.

As reported by Reuters earlier, 23 cornerstone investors have signed on to the company’s public market debut, including AIA Group Ltd, Aberdeen Standard Investments and two of Malaysia’s largest government-linked funds.

The listing is the largest since Mr DIY Group’s 1.5 billion ringgit IPO last year. Both Mr DIY and CTOS come from private equity firm Creador’s stable. ($1 = 4.1520 ringgit) (Reporting by Rozanna Latiff and Joseph Sipalan; Editing by Martin Petty)

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