Manufacturer and trader of foam and non-foam products, WTEC Group Bhd, has inked an underwriting agreement with Alliance Islamic Bank Bhd as part of its upcoming IPO on the ACE Market of Bursa Malaysia Securities Bhd.
WTEC’s IPO exercise entails a public issuance of 90.2 million new ordinary shares (Issue Shares), or 18.8% of its enlarged issued share capital, as well as an offer for sale of 43.2 million existing shares (Offer Shares), or 9% of the enlarged share capital.
Out of the 90.2 million Issue Shares, 24 million Issues Shares will be made available to the Malaysian public via balloting, 9.6 million Issue Shares to its eligible directors, employees and persons who have contributed to the success of the group, while the remaining 56.6 million Issues Shares by way of private placement to Bumiputera investors approved by the Investment, Trade and Industry Ministry.
Pursuant to the underwriting agreement, Alliance Islamic Bank will underwrite a total of 33.6 million Issue Shares.
WTEC is scheduled to be listed on the ACE Market by April 2025, with Alliance Islamic Bank as the principal advisor, sponsor, sole underwriter and placement agent for the IPO exercise.
