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Kota Kinabalu: Sabah-based integrated property developer KTI Landmark Berhad is targeting to raise RM48 million under its listing exercise on the ACE Market of Bursa Malaysia Securities Berhad.

Its Group Managing Director and CEO Dr Gordon Loke said a sum of RM20.7 million (43.1%) of the proceeds will be allocated for general working capital requirements for its flagship project, The Logg.

"The allocation of proceeds for our working capital requirements will reduce our dependency on external financing and allow us to undertake more projects concurrently," he said in a statement issued alongside the launch of the company's prospectus.

The groundbreaking ceremony held for the company's inaugural prospectus for Initial Public Offering on the ACE Market was launched by Sabah Chief Minister Datuk Seri Hajiji Noor on Tuesday.