From left: Vetece Holdings Bhd group chief executive officer and executive director Chan Wai Hoong, Kenanga Investment Bank Bhd executive director, head of group investment banking and Islamic banking Datuk Roslan Tik and Vetece non-independent executive vice chairman Vernon Tee Chee Chiang.
PETALING JAYA: Enterprise information technology (IT) solutions provider, Vetece Holdings Bhd has inked the underwriting agreement with Kenanga Investment Bank Bhd
in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Leveraging on the group’s strategic partnerships with prominent industry players such as Oracle, WSO2 and Salesforce, among others, Vetece said in a statement that it is technically equipped to implement and customise these IT solutions to best suit clients’ requirements.
Post-implementation, the group also provides ongoing support, including maintenance, system upgrades, as well as training to clients’ employees.
Vetece’s client base primarily encompasses players in the telecommunication and financial services industries.
In the financial year ended Aug 31, 2023, Vetece said these industries contributed approximately 71% to the group’s revenue.
Major clients include Telekom Malaysia Bhd, Telstra Corp Ltd in Australia, and leading banks in Malaysia.
“In the past, Vetece has also provided enterprise IT solutions to large enterprises, government-linked companies, and multinational corporations across diverse industries such as technology, manufacturing, higher education, distribution, public sector, automotive and utilities.”
Vetece is expected to be listed by the third quarter of 2024, with Kenanga Investment Bank as the principal adviser, sponsor, underwriter and placement Agent for the IPO.
Vetece’s IPO entails a public issue of 98 million new ordinary shares, representing 25% of its enlarged share capital, as well as an offer for sale of 39.2 million, or 10% of its enlarged share capital to selected investors by way of private placement.
Out of the 98 million new ordinary shares, 19.6 million ordinary shares will be made available to the Malaysian public via balloting, while 9.8 million ordinary shares are allocated for eligible directors, key senior management, employees and persons who have contributed to the success of the group (pink form allocations).
The remaining 68.6 million ordinary shares are reserved to selected investors by way of private placement to selected investors.
Pursuant to the underwriting agreement, Kenanga will underwrite a total of 29.4 million ordinary shares made available to the Malaysian public and under the pink form allocations.
