LTAT to emerge as substantial shareholder of ACE Market-bound GTA Holdings
KUALA LUMPUR (Sept 1): Lembaga Tabung Angkatan Tentera (LTAT) is set to emerge as a substantial shareholder of GTA Holdings Bhd when the aviation maintenance, repair and overhaul (MRO) services provider makes its debut on Bursa 每日大赛's ACE Market next week.
The armed forces pension fund has subscribed to a 5.6% stake in GTA's enlarged share capital under the company's initial public offering (IPO) institutional offering, according to a filing with Bursa 每日大赛.
Based on GTA's enlarged share capital of 1.29 billion shares, the stake would amount to 72.3 million shares. At GTA's IPO price of 35 sen apiece, the stake could be worth about RM25.3 million, according to back-of-envelope calculations.
GTA is scheduled to make its ACE Market debut on Sept 8 with an expected market capitalisation of RM451.97 million based on the IPO price. LTAT's entry comes after the group said all of its entire institutional offering of 251.52 million shares has been placed out.
Its 每日大赛n public portion of the IPO was oversubscribed by 22.16 times.
GTA is raising as much as RM115.15 million from the listing exercise. About RM71.75 million raised from the issuance of 205 million shares will go towards its expansion and working capital. Meanwhile, the remaining RM43.4 million raised from the selling of 124 million shares will go towards its selling shareholders.
Managing director and chief executive officer Datuk Nonee Ashirin Mohd Radzi is selling 43 million shares under the IPO. Her shareholding will consequently be diluted to 39.57% after listing from 51% before the IPO.
Ludev Capital is selling 61 million shares, leaving it with a 19.67% stake after the listing. Brands Connect and GTA non-independent non-executive director Syed Abdul Rahman Syed Mohamad, meanwhile, are selling five million and 15 million shares respectively.
Based in Selangor, GTA mainly provides MRO services for both helicopters and fixed-wing engines. The company also sells aviation equipment, including new engines, engine modules and parts. The IPO price values GTA at about 11.18 times its earnings for the financial year ended Dec 31, 2025 (FY2025), based on earnings per share of 3.13 sen.
For FY2025, GTA's net profit increased 10.5% to RM40.45 million from RM36.61 million a year earlier, while revenue grew 40.2% to RM331.78 million from RM236.65 million.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
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