Sum Technology Berhad announced that it has signed an underwriting agreement with Malacca Securities Sdn Bhd in conjunction with its proposed listing on the ACE Market of Bursa Malaysia Securities Berhad.
Through its subsidiaries, Sum Technology is principally involved in (i) design and build of cleanrooms, controlled environments and MEPF utilities, (ii) design and manufacturing of Mechanical, ventilation and air conditioning products, and (iii) trading of MVAC products and solar photovoltaic panels. The Group serves a diverse range of industries including semiconductor, data centres, electrical and electronics, automotive and electric vehicle battery, and consumer products across Malaysia and the Philippines.
The public issue of 117.0 million new ordinary shares (26% of the enlarge Issue Shares) in Sum Technology, allocated as follows: 22.50 million Issue Shares for application by the Malaysian public; 4.50 million Issue Shares for application by eligible directors, employees, and other persons who have contributed to the success of the Group (collectively referred to as the “Eligible Persons”); 33.75 million Issue Shares by way of private placement to selected investors; and 56.25 million Issue Shares by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Under the underwriting agreement, Malacca Securities will underwrite 27 million Issue Shares made available to the Malaysian public and the Eligible Persons.
Commenting on the signing of the underwriting agreement, the Executive Director and Chief Executive Officer of Sum Technology, Lee Thiam Hing, said The IPO will strengthen our financial position and enable us to accelerate our expansion plans, enhance our engineering capabilities, and capture opportunities in high-growth industries such as semiconductors and data centres.”
The proceeds from the IPO will primarily be utilised for business expansion, establishment of a new office in the Philippines, design and development activities, and working capital requirements.
Moving forward, Sum Technology intends to expand its operational footprint, enhance its project delivery capabilities, and strengthen its position as a reliable solutions provider for mission-critical environments.
