KUALA LUMPUR: TT Vision Holdings Bhd (TTV) intends to utilise the proceeds from its initial public offering (IPO) exercise to expedite its growth and pursue its business plans.
The company, which operates within the semiconductor industry, said it would use the proceeds to repay bank borrowings, for research and development expenditure, marketing activities and working capital.
“The signing of our underwriting 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 chief executive officer and executive director Goon Koon Yin in a statement.
TTV is involved in the development and manufacturing of machine vision equipment and provision of related products and services.
Its machine vision equipment is primarily used for the inspection of optoelectronics, solar cells, discrete components and integrated circuits as well as vision-guided robotic equipment.
TTV’s business activities typically entail equipment design, software development, manufacture, assembly and installation of equipment and/or modules.
Its main markets are China, Malaysia, South Korea, the Philippines, Germany, the United States, Thailand, Vietnam and Hong Kong.
TTV’s listing will entail a public issue of 84.5 million new TTV shares and an offer for sale of 10.5 million TTV shares to selected investors by way of private placement.
KAF Investment Bank Bhd will act as an underwriter for the listing and underwrite a total of 41.5 million new shares made available to the public and under the pink form allocations.
TTV will have an enlarged issued capital of 468 million shares upon listing.
The 84.5 million new shares will account for 18.06% of the enlarged share base. Of that, 23.4 million, or 5% of the enlarged issued share capital, will be made available for application by the public.
Another 18.1 million shares, or 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.
The remaining 43 million shares, or 9.19% of the enlarged issued share capital, will be made available by way of private placement to selected investors.
TTV expects to list on Bursa Malaysia in the first quarter of next year.