Asia Pacific Flight Training (APFT) Bhd, a flight training academy based in Sultan Ismail Petra Airport, Pengkalan Chepa, Kota Bahru, Kelantan, is schedule to be listed in Main Market on 18th March 2011.
APFT’s IPO consists of public issue of 22.0 million ordinary shares and offer for sale of 17.3 million shares at an IPO price of RM0.50 per share with RM0.20 par value.
The proceeds from the IPO exercise will be used to repay bank borrowings, as well as for working capital and the expansion of its training facility.
15 million shares will be allocated for the Malaysian public and 7 million shares for eligible employees and person who contributed to the group. Offer for sale shares are to be issued to identified investor.
APFT is fully accredited by the Department of Civil Aviation (DCA) and the Higher Education Ministry as an advanced tertiary training institution. It is also internationally recognized by the International Civil Aviation Organization (ICAO).
APFT has also been selected by Malaysia Airlines and other major airlines as the approved organization for the training of their cadet pilots. More information can be found in APFT webpage.
APFT also going to provide other related aviation business services such as chartered flight, maintenance, repair and overhaul (MRO), and maintenance training.
For the time being, APFT have no fixed dividend policy but for FYE 2011, the board intend to pay 1.6 sen dividend per share representing 3.2 percent yield based on IPO price.
The table below are financial summary for APFT Bhd.
| FYE 2007 | FYE 2008 | FYE 2009 | FYE 2010 | |
|---|---|---|---|---|
| Profit after Tax (RM’000) | 4,059 | 8,033 | 11,013 | 8,862 |
| Earnings per Share (sen) | 3.01 | 5.95 | 8.16 | 6.56 |
| Price Earnings Ratio (x) | 16.63 | 8.40 | 6.13 | 7.62 |
Bank Islam Investment Bank Bhd is the principle adviser, underwriter and placement agent of the IPO whilst Inter-pacific Securities and Kuwait Finance House (Malaysia) are the co-underwriters.
For those who are interested in APFT IPO you may subscribed at ATM machines or via Internet Banking. The subscription period is opened until 8th March 2011 at 5pm. Tentative balloting date is on 10th March while allotment date is on 16th March 2011.
View APFT Bhd prospectus in Bursa Malaysia webpage. APFT Bhd stock name in Bursa Malaysia is “APFT”.
What do you think about APFT IPO? Are you going to subscribe?