From left are Gary Ting, head of corporate finance, M&A Securities; Liew Soo Keang;
KUALA LUMPUR: QES Group Bhd
is offering 151.66 million new shares or 20% of the enlarged share capital as it seeks to list on the ACE Market of Bursa Malaysia Securities.
QES Group had on Wednesday signed an underwriting agreement with M&A Securities Sdn Bhd for the IPO.
Of the 151.66 million new shares, 37.92 million new shares would be offered to the public; 9.27 million units for its eligible directors and employees. The remaining 104.48 million new shares would be placed out.
QES Group said the shareholders would also offer for sale 75.83 million shares to selected Bumiputera investors.
M&A Securities will underwrite 47.18 million new shares made available for the public and its eligible directors and employees.
Since QES was set up 26 years ago, it has ventured into manufacturing of optical inspection and automated handling equipment. These equipment are used in the semiconductor industry, to complement its distribution of inspection, test and measurement equipment and materials.
Signing on behalf of QES was its managing director and president Chew Ne Weng executive director Liew Soo Keang while M&A Securities was represented by executive director/head of operations Goh Hock Jin and managing director of corporate finance, Datuk Bill Tan.
Speaking at the underwriting agreement signing ceremony, Chew said the listing would enable QES to strengthen its position in the inspection, test and measurement equipment industry.
Proceeds from the IPO will be used mainly for capital expenditure to purchase demonstration equipment for its distribution division, tools and accessories and new information technology equipment for operational use; repayment of bank borrowings; development of three key products under its manufacturing division and general working capital requirements.
QES is scheduled to be listed on the ACE Market by the first quarter of 2018.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
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