MALAYSIAN main board-bound logistics provider Trans-Asia Shipping Corporation (Tasco) share sale of five million new shares has been 49.03 times oversubscribed ahead of its scheduled December 28 listing, reports Malaysia's Edge Daily.
In a statement yesterday, Tasco said a total of 33,729 applications for 250.13 million shares were received ahead of its Bursa Malaysia listing.
Tasco managing director Lee Check Poh said the response reflects public confidence in the group and in the growth potential of the logistics industry.
Tasco is selling 25.2 million new shares. It has allocated 5.2 million shares for directors, employees and business associates while the remaining 15 million will be placed with identified investors.
The group provides customs clearance, sea and airfreight forwarding, trucking, warehousing, haulage, auto logistics, buyer consolidation and other value-added services.
Tasco started 1975 following the issuance of shipping of forwarding licence by Royal Malaysian Customs. It later expanded from customs broking to air and sea freight forwarding, trucking, warehousing and project management.
With more than 30 years of logistics experience, its operation and global alliance with Nippon Yusen Kabushiki Kaisha (NYK) group has made the company one of the largest logistics providers in Malaysia.
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