NationGate gets Bursa Malaysia approval to list on ACE Market

KUALA LUMPUR: Nationgate Holdings Bhd is scheduled to list on the ACE Market of Bursa Malaysia by January 2023 following the green light by Bursa Securities.

The electronics manufacturing services (EMS) provider said the initial public offering entails a public issue of 435.5 million new shares in NationGate, which represents 21% of its enlarged share capital.

Of the shares allocated for the public issue, 103.7 million new shares will be made available to the Malaysian public, 103.7 million new shares to eligible directors, employees and persons who have contributed to the success of NationGate, and the remaining 228.1 million new shares will be earmarked for private placement to selected investors.

The existing shareholders of the company will also make an offer for sale of 290.4 million shares by way of private placement to selected investors and Bumiputera investors approved by the Ministry of International Trade and Industry.

"Our proposed listing plan serves to fortify our financial strength for reinvestment into technological capabilities as well as building and retaining talented workforce in the dynamic ever changing technological landscape in the EMS environment.

“It will also enable us to raise funds we need to purchase additional machineries and equipment to further expand our surface mount technology (SMT) assembly capacity and enhance our production efficiency in line with the increased demands from our Group’s existing and new customers,” said NationGate managing director Ooi Eng Leong in a statement.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.