Critical Holdings Berhad entered into an underwriting agreement with MIDF Amanah Investment Bank Berhad, for the Company’s Initial Public Offering on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO entails a public issue of 74,348,000 new ordinary shares and an offer for sale of 37,173,900 existing ordinary shares of the Company. Of the 74,348,000 Issue Shares, 18,587,000 Issue Shares will be made available to the Malaysian Public via balloting, 3,717,400 Issue Shares will be allocated to the eligible directors and employees of Critical Holdings, 46,467,400 Issue Shares will be allocated for Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Malaysia, and the remaining 5,576,200 Issue Shares will be allocated by way of private placement to selected investors.
Pursuant to the underwriting agreement, MIDF Investment shall underwrite 22,304,400 Issue Shares which are available for application by the Malaysian Public and Eligible Persons.
Critical Holdings and its subsidiaries provide mechanical, electrical, and process utilities engineering solutions and MEP maintenance and services for critical facilities namely, plant rooms, cleanrooms, and data centres. The end user markets it serves are the semiconductor, pharmaceutical, and solar photovoltaic panel manufacturing sectors as well as data centre, co-location services, telecommunications, hotel, and medical facilities sectors.
The group said proceeds will be utilised to acquire a new regional office, expand sales and technical team, fund capital expenditure, supplement working capital requirements, and defray listing expenses. The acquisition and setting up of a new regional office in the central region of Peninsular Malaysia would allow the Group to better support its future expansion to the central and southern regions of Peninsular Malaysia.
MIDF Investment, besides being the sole underwriter of Critical Holdings’ IPO, is also the Principal Adviser, Sponsor, and Placement Agent to Critical Holdings for this listing exercise.
