WTEC en route for listing on ACE Market

From left: Andy Tiow See Yen, group executive director of WTEC Group; Tan Kok Kheng, group managing director; Rizal IL-Ehzan Fadil Azim, CEO of Alliance Islamic Bank; Teoh Chu Lin, group chief corporate and institutional banking officer of Alliance Bank Malaysia; and Tee Kok Wah, head/senior vice-president, corporate finance, Islamic capital markets of Alliance Islamic Bank

KUALA LUMPUR: Manufacturer and trader of foam and non-foam products, WTEC Group Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd (AIS) for its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia.

The group is scheduled to be listed next month with AIS as the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.

In a statement, the group said that the IPO exercise entailed the public issuance of 90.2 million new ordinary shares, representing 18.8% of its enlarged issued share capital, and the offer for sale of 43.2 million existing shares, or 9% of its enlarged share capital. Of the 90.2 million shares, 24 million shares will be made available to the public via balloting. — Bernama