(From left) Pantech Global Bhd deputy group managing director Kong Chiong Lee, group managing director Adrian Tan, Alliance Bank Malaysia Bhd group chief corporate and institutional banking officer Teoh Chu Lin, Alliance Islamic Bank Bhd chief executive officer Rizal IL-Ehzan Fadil Azim and Islamic Capital Markets, corporate finance head and senior vice president Tee Kok Wah at the underwriting agreement signing ceremony of Pantech Global in conjunction with its proposed initial public offering on the Main Market of Bursa Malaysia.
KUALA LUMPUR: Pantech Global Bhd has entered into an underwriting agreement with Alliance Islamic Bank Bhd for its proposed initial public offering (IPO), en route to a listing on the Main Market of Bursa Malaysia in the first quarter of 2025.
Pantech Global’s IPO comprises the issuance of 262.23 million new shares, representing 30.85% of the company enlarged share capital.
This will include 21.24 million shares to the Malaysian public, 29.75 million shares to eligible directors and employees and other persons who have contributed to the group’s success.
There will also be 35 million shares allocated to entitled shareholders of the group, 69.98 million shares privately placed with institutional and selected investors, and 106.25 million shares privately placed with bumiputra investors approved by the Investment, Trade and Industry Ministry.
Alliance Islamic Bank will underwrite 86 million shares as part of the public issue of the IPO.
The bank will serve as the principal advisor, underwriter and placement agent of the IPO.
Pantech Global, through its subsidiaries, manufactures and exports butt weld pipe fittings and stainless steel welded pipes for use in various industries such as oil and gas, petrochemical, chemical, semiconductor, water treatment and shipbuilding which require piping and pipeline systems that can withstand high temperatures, high pressure, corrosive substances and harsh environments.
While the group exports its products to a diverse global market, in 2023, the group commanded 66% of Malaysia’s export market share for butt weld pipe fittings, and 16% of Malaysia’s production market share for stainless steel welded pipes.
