Smart Asia en route for listing on ACE Market

KUALA LUMPUR: Smart Asia Chemical Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The IPO entailed a public issuance of 93.5 million new shares, of which Mercury Securities will underwrite 30.59 million.

Of the 30.59 million shares, 18.49 million will be allocated to the public via balloting and 12.10 million will be allocated to eligible directors and employees as well as persons who have contributed to the success of Smart Asia and its subsidiaries.

The remainder of 46.23 million shares will be allocated to bumiputra investors approved by the Investment, Trade and Industry Ministry and 16.68 million will be by way of private placement to selected investors.

Smart Asia managing director Goh Chye Hin said the proceeds from the IPO would be used to part-finance the establishment of a plant in Perak. — Bernama

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