The home-grown digital solutions and application development specialist, Agmo Holdings Berhad, has sealed an Underwriting Agreement with Kenanga Investment Bank (KIB) in conjunction with the Company’s initial public offering (IPO) exercise on the ACE Market of Bursa Securities.
KIB has been appointed as Agmo’s Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.
Pursuant to the Underwriting Agreement, KIB will underwrite a total of 22,750,000 new shares comprising 16,250,000 new shares made available to the Malaysian public and 6,500,000 new shares made available to its eligible directors, key senior management, employees, and business associates who have contributed to the success of Agmo and its subsidiaries.
Bursa Securities has recently approved the listing of Agmo on the ACE Market of Bursa Securities. The Company is targeting a Prospectus Launch with an IPO exercise comprising 85,000,000 new shares.
Chief Executive Officer of Agmo Holdings Berhad, Mr. Tan Aik Keong, said the internet has become a necessary part of everyday life and the internet-based technology will continue to grow. According to an Independent Market Research Report prepared by Smith Zander International Sdn. Bhd., the local mobile and web application development industry is currently booming and saw year-on-year growth of 29.43% in 2021.
“The ongoing technology advancement and tremendous transformation from the use of mobile devices and web applications have demanded major attention from individuals and businesses alike. Undeniably, it has become a necessity for every business to embrace digitalisation and adopt new or upgrade existing mobile as well as web applications.”
“Regardless of whether the business is a small start-up or an established organisation, digitalisation is essential to remain competitive, drive operational efficiencies and expand their business reach. There are tremendous opportunities for Agmo to capitalise on the current digitalisation trend. With our expertise honed over the years, we are here to help facilitate businesses to embark on their digitalisation journey,” he concluded.
