The producer of machine vision equipment and provision of related products and services, TT Vision, has inked an underwriting agreement with KAF Investment Bank.
The underwriting agreement was sealed in conjunction with TTV’s initial public offering (IPO) exercise and listing on the ACE Market of Bursa Securities.
The IPO exercise entails a public issue of 84.50 million new TTV shares and an offer for sale of 10.50 million existing TTV shares to selected investors by way of private placement. The enlarged issued share capital will be 468.00 million shares upon listing.
Of the 84.50 million new shares, which represent 18.06% of the enlarged issued share capital
upon listing, will be subsequently divided to 23.40 million shares or 5.0% of the enlarged issued share capital, will be made available for application by the Malaysian public; 18.10 million shares or 3.87% of the enlarged issued share capital, will be made available for application by eligible directors, employees and persons who have contributed to the success of the Group (pink form allocations); and 43.00 million shares or 9.19% of the enlarged issued share capital, will be made available by way of private placement to selected investors.
A total of 41.50 million new shares made available to the Malaysian public and under the pink form allocations will be underwritten by KAF Investment Bank.
“The signing of the agreement marks an important milestone for us ahead of our listing on the ACE Market of Bursa Securities. Since the Group was established 20 years ago, we have embarked on our journey to ride on the rise of the semiconductor industry where earnings contribution is from the manufacturing of machine vision equipment in relation to the inspection of optoelectronics, integrated circuits and solar cells,” TTVHB’s Chief Executive Officer & Executive Director Goon Koon Yin remarked.
“Given the long-established business relationships with our major customers who are market leaders in their respective fields, we are provided with the platforms and opportunities to grow especially with the increasing global demand for semiconductors with the mass production of electric vehicles and growing use of renewal energy, which will undoubtedly benefit TTVHB.”
“Therefore, we would like to capitalise on this opportunity and leverage on our competitive strengths where we intend to utilise the IPO proceeds to expedite our growth and pursue our business plans. The proceeds will be allocated towards repayment of bank borrowings, R&D expenditure, marketing activities, working capital and listing expenses,” he said.
“TTV has a competitive edge and a firm stronghold in the machine vision equipment industry especially in relation to inspection of semiconductor related products,” KAF Investment Bank Berhad’s CEO, Encik Rohaizad Ismail said.
“With the experienced management team, we believe TTVHB has a solid foundation for its future growth and will continue to excel in the long term. We thank TTVHB for the opportunity to be involved in the IPO and we look forward to support TTVHB throughout the IPO process,” he stressed.
TTV’s shares are expected to be floated in the first quarter of 2023.
KAF Investment Bank is appointed as the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.
