Mikro to be listed on Mesdaq by end-November

INDUSTRI Teknologi Mikro Bhd (Mikro), a manufacturer of electronic-protective relays for industrial and commercial applications, plans to be listed on Mesdaq by end-November. 

Its managing director, Yim Yuen Wah, said in conjunction with the proposed listing, Mikro had entered into an underwriting agreement with K&N Kenanga Bhd. 

“The plan to go for listing will further enhance the corporate image and provide Mikro with better accessibility in marketing their products, locally and overseas,” Yim said in a statement in Kuala Lumpur on Tuesday. 

He said the company would be issuing 21 million 10 sen shares in Mikro at an issue price of 22 sen per share. 

Of this, two million new Mikro shares would be made available to the public, five million shares for eligible directors, employees and business associates of Mikro and its subsidiary company, while 14 million shares would be placed out by way of private placement to selected investors. 

Kenanga is the adviser, underwriter and placement agent, KPMG Corporate Advisory Sdn Bhd is the financial adviser and WYNCORP Advisory Sdn Bhd is the coordinator to Mikro. 

Mikro group is involved in research, development, manufacturing and sales of analogue, digital and computer-controlled devices for the purpose of protection, monitoring and programming in an electrical system with electronic-protective relay as the group's flagship product. 

It is currently one of the only three local technology companies in Malaysia that manufactures electronic-protective relays for industrial and commercial applications. 

Besides serving predominantly the local market, the group's products are also used in China, Vietnam, Thailand and Indonesia. 

For the financial year ended June 30, the company recorded a 33% increase in turnover to RM8.2mil from RM6.2mil in the previous year, which was mainly attributed to the sales of protective relay and power factor regulators. – Bernama