Salutica inks underwriting deal with RHB Investment Bank

KUALA LUMPUR: Salutica Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

The  one-stop solution provider for manufacturing consumer electronic products said on Monday RHB Investment Bank is the company’s principal adviser, sponsor, underwriter and placement agent for the  IPO exercise.

Salutica managing director and CEO James Lim said the appointment of RHB Investment Bank brought it another step forward in its listing process with the wealth of experience, which would be invaluable to the company in future.

Recently, the company received Bursa Securities approval for the IPO which involves a public issue of 78 million new 10 sen shares. 

They comprised 19.4 million issue shares for the public,  9.7 million issue shares for eligible directors and employees, 10.1 million issue shares to be placed and 38.8 million issue shares to be placed out to identified Bumiputera investors.

Additionally, there will also be an offer for sale of 23 million shares available for application by way of private placement to institutional and identified investors. 

Salutica's core business includes the design, development and manufacture of consumer electronic products such as Bluetooth audio headsets, Bluetooth smartwatches and Bluetooth car kits for external brand clients. 

The company also provides manufacturing services for other electronics and precision parts and component parts such as 3D glasses, camera lenses and subparts, optical light guides, and electronic locks.