KUALA LUMPUR: Crest Group Bhd has signed an underwriting agreement with MIDF Amanah Investment Bank Bhd (MIDF Investment) for the company’s Initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
The imaging, analytical and test solutions provider said the IPO involved the issuance of 130.7 million new shares and the sale of 103.89 million existing shares.
Of of the 130.71 million new shares, 43.28 million will be offered to the Malaysian public via balloting, 12.98 million new shares will be allocated to eligible directors and employees, and the remaining 74.44 million new shares will be set aside for identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti) through private placement.
Under the underwriting agreement, MIDF Investment will underwrite 56.26 million shares, which will be offered to the Malaysian public through balloting, as well as eligible directors and employees.
Crest and its group of subsidiaries are principally involved in the provision of imaging, analytical, and test solutions primarily used for quality inspection, sample analysis, and research and development (R&D).
Crest plans to use IPO proceeds for business expansion, purchasing additional demonstration equipment in Malaysia, China, and Thailand, expanding its after-sales support team, and setting up a new centralised headquarters in Malaysia’s Central region.
The company plans to open new offices in Chengdu and Shenzhen, China, and expand its team in China and Thailand, while also establishing its first office in Ho Chi Minh, Vietnam.
Group managing director Lim Siong Wai said with over two decades of experience, the group has developed substantial industry knowledge and technical expertise to help customers improve quality inspection and operational efficiency.
“This underwriting agreement represents a significant milestone in our IPO journey. We believe that the listing will not only enable us to serve our existing and potential clients better, but a new listing status will also enhance the credibility of our group as we continue to expand our presence in existing and new markets. In addition, we hope to be able to retain and attract existing and new talent to drive our future business expansion,” he added.
MIDF is the principal adviser, sponsor, underwriter and placement agent for the IPO.
