Glostrext inks underwriting agreement with M&A Securities for IPO

From left: Glostrext Bhd executive director Tan Ah Huat, Glostrext managing director Ir. Dr. Lee Sieng Kai, M&A Securities Sdn Bhd corporate finance managing director Datuk Bill Tan and M&A Securities corporate finance head Gary Ting.

KUALA LUMPUR: Geotechnical instrumentation service provider Glostrext Bhd has inked an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia.

The IPO would involve a public issue of 105.83 million new issue shares, representing 26 per cent of the enlarged share capital of Glostrext, and an offer for sale of 16.28 million existing shares via private placement to selected investors, it said in a statement today.