TT Vision signs underwriting agreement for ACE Market listing

From left: KAF Investment Bank Bhd corporate finance director Hon Kim Teng, TT Vision independent non-executive chairman Datuk Seri Wong Siew Hai, TT Vision chief operating officer & executive director Wong Yih Hsow and TT Vision chief executive officer & executive director Goon Koon Yin.

KUALA LUMPUR: TT Vision Holdings Bhd (TTV) which will soon be listed on the Ace Market intends to utilise the proceeds gained from the initial public offering (IPO) to expedite its growth and pursue its business plans.

The company which operates within the semiconductor industry said it would use the proceeds from the listing exercise to repay its bank borrowings, for research & development expenditure, marketing activities, working capital and listing expenses.

“The signing of the agreement marks an important milestone for us ahead of our listing on the ACE Market. Our earnings contribution is from the manufacturing of machine vision equipment in relation to the inspection of optoelectronics, integrated circuits and solar cells," said TTV’s chief executive officer & executive director Goon Koon Yin in a statement.

It signed an underwriting agreement with KAF Investment Bank Bhd for the listing.

This would see a public issue of 84.5 million new TTV shares and an offer for sale of 10.5 million existing TTV shares to selected investors by way of private placement, it said.

The enlarged issued share capital will be 468 million shares upon listing, it added.

The company's public listing will see 5% of the enlarged issued share capital being made available for application by the Malaysian public.

While 3.87% of the enlarged issued share capital, will be made available for application by eligible directors, employees and persons who have contributed to the success of the group and 9.19% of the enlarged issued share capital will be made available by way of private placement to selected investors, it said.

TTV said it expects to list in the first quarter of 2023.

KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.