Fibromat (M) Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for the company’s listing transfer from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.
M&A Securities as Fibromat’s principal advisor, sponsor, sole underwriter and sole placement agent will underwrite 18.6 million new shares made available to the Malaysian public and eligible parties under pink form allocations.
Fibromat’s IPO exercise encompasses a public issue of 32.3 million new shares, representing 13% of its enlarged share capital as well as an offer for sale of 24.8 million existing shares, representing 10% of its enlarged share capital.
The company has earmarked the proceeds from the IPO for the purchase of machineries and working capital to facilitate the anticipated growth in the company’s operations. The company has also allocated some of the proceeds to defray estimated listing expenses.
Fibromat targets to be listed on the ACE Market by the second quarter of 2025.
