Mazda’s Malaysian assembler and distributor Berjaya Auto plans to raise MYR57.9m (US$18.3m) in an initial public offering (IPO) on the country’s main stock market Bursa Malaysia.

The offering of 82.76m shares is equivalent to just over 10% of the enlarged share capital. The tentative launch date for the IPO is 18th November.

The additional funds will be used for working capital and to expand the sales and service network. The company also said it will expand the range of CKD products and increase local content to make the Mazda brand more competitive in Malaysia.