KUALA LUMPUR, Powertechnic Group Bhd has signed an underwriting agreement with TA Securities Holdings Bhd ahead of its planned initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
The crane, hoist, and elevator systems provider said the IPO will comprise a public issue of 63 million new ordinary shares — equivalent to 20.3% of its enlarged issued share capital — along with an offer for sale of 21 million existing shares, or 6.77% of the enlarged share base.
From left: Powertechnic Group Bhd executive director Choo Chee Yong, Powertechnic managing director Ivan Na Keh Chai, TA Securities Holdings Bhd executive director – operation Tah Heong Beng and TA Securities head of corporate finance Ku Mun Fong.
Of the 63 million new shares, 15.6 million will be allocated to the Malaysian public, 10 million to eligible directors, employees and contributors, and 19.6 million through private placement to selected investors. Meanwhile, the 21 million existing shares will be offered via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
Under the agreement, TA Securities will underwrite the 15.6 million new shares reserved for the Malaysian public and pink form applications. It will also serve as the principal adviser, sponsor, underwriter and placement agent for the IPO.
Powertechnic Group managing director Ivan Na Keh Chai said proceeds from the listing will be channelled into automation for fabrication processes, as well as the establishment of new product showrooms and sales offices with storage facilities in Penang and Sarawak.
“These initiatives will help us strengthen our brand presence in key markets such as northern Peninsular Malaysia, East Malaysia, Singapore and Indonesia, ensuring we continue to provide reliable lifting solutions to customers,” he said.
