ACE Market bound PLYTEC Holding Berhad has signed an underwriting agreement with KAF Investment Bank Berhad and Kenanga Investment Bank Berhad for its IPO.
The parties will underwrite 51,515,200 shares which consists of 30,303,100 Issue Shares which will be available for application by the Malaysian public and 21,212,100 Offer Shares which will be available for application by eligible Directors, employees and persons who have contributed to the success of the company and its subsidiaries.
PLYTEC’s IPO entails a public issue of 106,060,600 new shares and an offer for sale of 51,515,100 existing shares in the following manner:
(A) Public issue of 106,060,600 new ordinary shares in PLYTEC (“Issue Shares”) in the following manner:
(i) 30,303,100 Issue Shares available for application by the Malaysian public; and
(ii) 75,757,500 Issue Shares by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry;
(b) Offer for sale of 51,515,100 existing ordinary shares in PLYTEC (“Offer Shares”) in the following manner:
(i) 21,212,100 Offer Shares available for application by our eligible Directors, employees and persons who have contributed to the success of PLYTEC and our subsidiaries; and
(ii) 30,303,000 Offer Shares by way of private placement to selected investors.
PLYTEC Group Managing Director/Chief Executive Officer Mr. Yang Kian Lock said, “This occasion is a significant milestone for us and propels us closer to becoming a publicly traded company. Our goal is to strengthen our position as a construction method engineering and digital design engineering solutions provider with a focus on the adoption of digital smart technology. This listing will enable us to scale to greater heights.
Plytec said it will use the IPO proceeds for capital expenditure, repayment of borrowings, construction of factories and centralised labour quarters on PLYTEC’s Olak Lempit Land, purchase of software systems and hardware, working capital, and listing expenses.
PLYTEC is expected to be listed on Bursa Securities in the fourth quarter of 2023. KAF IB is the Principal Adviser, Sponsor, Managing Underwriter, Joint Underwriter and Joint Placement Agent for this IPO exercise. Kenanga IB is the Joint Underwriter and Joint Placement Agent
