Reach Ten inks underwriting deal for IPO

From left: M&A Securities Sdn Bhd deputy head of corporate finance Danny Wong, Reach Ten executive director Lu Pak Lim, managing director Leo Chin, M&A Equity Holdings Bhd managing director Datuk Bill Tan, M&A Securities head of corporate finance Gary Ting and associate director Lee Yoke Wah.

PETALING JAYA: Sarawak-based telecommunications service provider Reach Ten Holdings Bhd (Reach Ten) has signed an underwriting agreement with M&A Securities Sdn Bhd for its planned listing on the Main Market of Bursa Malaysia.

The initial public offering (IPO) comprises a public issue of 200 million new shares and an offer for sale of 100 million existing shares, representing 20% and 10% of Reach Ten’s enlarged share capital, respectively.

In a statement, the company said that M&A Securities would underwrite 75 million issue shares allocated to the public under the agreement.

The remaining 125 million issue shares will be placed with selected bumiputra investors approved by the Investment, Trade and Industry Ministry.

Reach Ten is expected to debut on the Main Market in May this year. —Bernama