Topmix Berhad enters into an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
Topmix’s IPO exercise encompasses a public issuance of 82.7 million new ordinary shares, representing 21.0% of its enlarged share capital, as well as an offer for sale of 19.7 million existing shares, or 5.0% of its enlarged share capital, via private placement to selected investors.
Out of the 82.7 million new shares, 19.7 million shares will be made available to the Malaysian Public via balloting, 7.9 million shares to its eligible Directors, employees and persons who have contributed to the success of the company, while the remaining 55.1 million shares are reserved to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry and selected investors via private placement.
Majority of the Group’s revenue is contributed by the sale of high pressure laminate products. HPL, a decorative laminate known for its durability, cost-effectiveness, extended shelf-life and aesthetic appeal, holds a distinct advantage over veneers, paints and coatings. Notably, all of its HPL products comply with environmental standards, including UL GREENGUARD and UL GREENGUARD Gold Certification, Singapore Green Label and MyHIJAU standards.
The Group’s product portfolio extends to other surface decorative products such as compact panels, polyvinyl chloride edging, wall panels, decorative boards and PVC plywood which are marketed under its own brands. Complementing its surface decorative products, Topmix holds an exclusive dealership for the STARAX range of kitchen and wardrobe accessories to import and distribute surface decorative accessories in Malaysia.
Managing Director of Topmix, Mr. Teo Quek Siang, said, “With the signing of this underwriting agreement, we are now one step closer to listing our Group on the ACE Market of Bursa Securities. The listing status is poised to enhance Topmix’s standing among customers, strengthen our reputation and open up new avenues for growth.”
Additionally, we have outlined a clear trajectory for business growth, including geographical expansion to the northern region of Peninsular Malaysia, increasing brand and product awareness and expanding warehouse capacity in the central region of Peninsular Malaysia to support higher business volume.”
Topmix is scheduled to be listed on the ACE Market of Bursa Securities by April 2024, with M&A Securities as the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
