ECA Integrated Solution Berhad has entered into an underwriting agreement with UOB Kay Hian Securities in conjunction with its forthcoming initial public offering on the ACE Market.
The company’s IPO exercise encompasses a public issuance of 150 million new shares, representing 26% of its enlarged share capital, as well as an offer for the sale of 48million existing shares, representing 8.3% of the enlarged shares by way of the private placement to selected investors.
Out of the 150 million new shares, 28.9 million shares will be made available to the Malaysian public via balloting; 14.4 million shares to its eligible employees while the remaining 106.7 million shares are reserved for selected investors by way of private placement.
ECA Integrated, through its wholly-owned subsidiary, is principally engaged in the provision of integrated production systems and standalone automated equipment. It also provides after-sales services for technical support services and spare parts. The Group’s clientele consists of global multinational manufacturers from various industries such as semiconductor products; electric vehicle and automotive components; solar system components, 5G telecommunication equipment components; and digital display tags, to name a few.
More than half of its revenue for the financial year ended 31 October 2021 was derived from overseas, including Eastern and Western Europe, China, Singapore, Vietnam, Philippines, as well as the United States.
Executive Director cum Chief Executive Officer of ECA Integrated, Mr. Ooi Chin Siew was ecstatic about the signing of the Underwriting Agreement with UOBKH, and looks at tapping into the equity capital market, in order to expedite growth as the fresh funds will endow give greater impetus to its expansion plans.
The company is scheduled to be listed on the ACE Market of Bursa Securities by November 2022, with UOBKH as the Principal Adviser, Sponsor, Sole Placement Agent, and Sole Underwriter for the IPO exercise.
