From left: Pan Merchant Bhd executive director Wong Voon Yoong, Pan Merchant managing director Wong Voon Ten, Affin Hwang Investment Bank Bhd managing director of capital markets Johan Hashim and Affin Hwang head of equity capital markets Arvin Chia.
PETALING JAYA: Pan Merchant Bhd
has signed an underwriting agreement with Affin Hwang Investment Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a statement, the solid-liquid filtration solutions provider said its IPO involves 250.2 million ordinary shares – 232.2 million new shares and 18 million offer-for-sale shares – representing 27.3% of its enlarged share capital.
Proceeds from the listing will mainly be used for capital expenditure, including buying new machines, equipment, and tools, and upgrading its manufacturing plants to boost capacity and efficiency. A portion will also be allocated for product development, business expansion, working capital and listing expenses.
Pan Merchant is expected to be listed on the ACE Market in the second quarter of 2025. Affin Hwang is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.
