IT infrastructure and cybersecurity solutions specialist entered into an underwriting agreement with MIDF Investment in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia.
Infoline Tec’s IPO comprises a public issuance of 74.00 million new shares, representing 20.38% of the enlarged shares, as well as an offer for sale of 22.25 million existing shares, representing 6.12% of the enlarged shares by way of private
placement to selected investors.
The public issue of 74.0 million new shares will be allocated (i) 18.16 million new shares, representing 5.00% of the enlarged shares will be made available to the Malaysian public via balloting, of which at least 9.08 million new shares, representing 1.00% of the enlarged shares will be set aside strictly for Bumiputera investors; (ii) 8.27 million new shares, representing 2.28% of the enlarged shares will be made available for application by the eligible directors, employees, and persons who have contributed to the success of Infoline Tec and its subsidiaries (Pink Form Allocations); (iii) 2.17 million new shares, representing 0.60% of the enlarged shares will be made available by way of private placement to selected investors; and (iv) 45.40 million new shares, representing 12.50% of the enlarged shares will be made available by way of private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry, Malaysia.
Under the underwriting agreement, MIDF Investment will underwrite 26.43 million new shares, comprising the retail portion for the Malaysian public and Pink Form Allocations.
The group has operations in Malaysia and the People’s Republic of China, with customers encompass local and multinational companies that are based in the Asia Pacific region. Infoline Tec serves customers from a diverse range of industries,
including financial services, telecommunications, retail, healthcare, education, manufacturing, and food and beverage industries.
“We are thrilled to embark on the next chapter of our corporate journey as this signing of underwriting agreement with MIDF Investment has brought us one step closer to become a public listed entity on Bursa Securities. This listing exercise will enable us to expedite our expansion plans and raise our corporate stature aimed at expanding our customer base,” Chief Executive Officer, Mr. Choo Wei Chuen said.
Infoline Tec is scheduled to be listed on the ACE Market of Bursa Securities by July 2022, with MIDF Investment as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.