PETALING JAYA: Engineering support services provider Chemlite Innovation Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market and has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd.
In a statement, the company said its initial public offering (IPO) will comprise a public issue of 120 million new ordinary shares and an offer for sale of 60 million existing ordinary shares.
Meanwhile, a total of 30 million shares will be made available for application by the Malaysian public; 21 million shares will be reserved for application by eligible directors and employees, as well as persons who have contributed to the success of the group.
Additionally, 15 million issue shares and 60 million offer shares will be made available by way of private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry.
“The IPO proceeds will enable us to enhance and expand our facilities, invest in automation and drive R&D initiatives, all of which will position Chemlite Innovation as a leading surface finishing treatment solutions provider for a diverse range of industries,” executive director and COO Heng Chee Khiang said.
Meanwhile, executive director and CEO Chong Yuen Fong said: “Obtaining the approval from Bursa Securities and the support of UOBKH for underwriting Chemlite Innovation’s IPO shares marks a significant milestone in the company’s journey.”
