M & A Securities Sdn Bhd has completed its reverse takeover of SYF Resources Berhad to successfully list on the Main Market of Bursa Malaysia Securities Berhad.
Concurrent with the RTO exercise, SYF has also changed its name to M & A Equity Holdings Berhad better reflect its new core business and future undertakings in the financial services industry.
The Company’s stock short name will be “M&A”, replacing the old short name “SYF” with effect from 9:00am today. It will be reclassified from consumer products & services to financial services.
M & A Securities is presently the holder of a Capital Market Services License issued by the Securities Commission for dealing in securities and advising in corporate finance. The Company is also a Recognised Principal Adviser with the SC, and is an ACE Market and LEAP Market Sponsor with BursaSecurities.
It is principally a stockbroker and corporate finance adviser in Malaysia with extensive experience in securities dealing, corporate finance, and advisory services. The Company, through its subsidiaries, is also engaged in nominee and registration services.
In the near term, M & A Equity intends to expand its corporate finance advisory business, intensify its client coverage activities to secure deal origination opportunities and take on more initial public offering exercises and secondary offerings, and grow its stock brokerage and margin financing business by further enhancing its online trading platform and broadening its client base beyond the small and medium enterprises market.
The RTO, first announced in 2021, involved SYF buying 100% of M & A Securities from Main Market-listed Insas Bhd for RM222 million, which was satisfied through the issuance of 1.009 billion SYF shares to Insas at 22 sen per share.
Prior to that, SYF disposed of its rubberwood furniture business and land assets, of which the proceeds were distributed to shareholders via a capital repayment of 18 sen per share involving a total sum of RM102.4 million.
As part of the RTO exercise, SYF also implemented a fundraising exercise involving a one-for-two rights issue and restricted issue at 22 sen per share to enable existing shareholders and new investors to participate in the financial services business. The fundraising has raised approximately RM92.6 million, which will be used largely to repay existing inter-company advances of M & A Securities and for its working capital