From left are Lee Jim Leng, group managing director/CEO of Hong Leong Investment Bank, Datuk Ng Chai Eng, executive director/group CEO of UWC; Lau Chee Kheong, executive director/group COO of UWC; Phang Siew Loong, head, equity markets of Hong Leong Investment Bank.
UALA LUMPUR: Integrated engineering supporting services provider, UWC Bhd
is offering 70 million new shares at an offer price of 82 sen each enroute to its listing on the Main Market of Bursa Malaysia Securities.
As part of the listing exercise, the vendors are offering for sale 33.015 million existing shares to selected investors, the company said at the launch of its prospectus on Monday.
UWC said of the 70 million shares would be offered to the public, three million shares to eligible directors and employees while 47 million shares would be placed out to Bumiputera investors approved by the Ministry of International Trade and Industry.
Upon its listing UWC will have a market capitalisation of RM300.77mil based on the issue/offer price of 82 sen and its enlarged share capital of 366.80mil.
The company plans to use RM57.4mil from the issuance of the news shares for purchase of new machinery and equipment (RM32.10mil), RM18mil to repay bank borrowings, RM2.9mil as working capital and the remaining RM4.4mil for listing expenses.
UWC'c core activities are precision sheet metal fabrication and value-added assembly services as well as the fabrication of precision machined parts.
Speaking at the launch, UWC executive director and group CEO Datuk Ng Chai Eng said: “We currently have 166 computer numerical control (CNC) machines. The additional 29 CNC machines which we plan to purchase over the next three years from the date of our listing will support our production capacity expansion”.
For this listing exercise, Hong Leong Investment Bank Bhd is the principal adviser, underwriter and placement agent, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser.
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