PETALING JAYA: One-stop electronics manufacturing services (EMS) provider NationGate Holdings Bhd has received Bursa Malaysia Securities Bhd’s approval to list on the ACE Market of the stock exchange.
The initial public offering (IPO) entails a public issue of 435.5 million new shares, representing 21.0% of the enlarged share capital.
Out of the shares allocated for the public issue, 103.7 million new shares will be made available to the Malaysian public via balloting; 103.7 million new shares for its eligible directors and employees as well as persons who have contributed to the success of the company under the pink form allocations while the remaining 228.1 million new shares are earmarked for private placement to selected investors.
As part of its listing exercise, the existing shareholders of the company will also make an offer for sale of 290.4 million shares by way of private placement to selected investors and bumiputra investors approved by the Ministry of International Trade and Industry.
Managing director Ooi Eng Leong said its proposed listing plan serves to fortify its financial strength for reinvestment into technological capabilities as well as building and retaining talented workforce in the ever-changing technological landscape in the EMS environment.
“It will also enable us to raise funds we need to purchase additional machineries and equipment to further expand our surface mount technology assembly capacity and enhance our production efficiency in line with the increased demands from our group’s existing and new customers,” he said in a statement today.
NationGate focuses on the assembly and testing of electronic components and products to produce completed printed circuit boards, semi-finished sub-assemblies and fully-assembled electronic products as well as semiconductor devices.
The company supports customers in a range of industries such as networking and telecommunications, data computing, industrial instruments, consumer electronics, automotive, semiconductor and others (mainly consists of manufacturers of medical devices, Internet of Things, household electronic products and analytical instrumentation devices).
It is scheduled to list on the ACE Market by January 2023.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
Source: The Sun Daily
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