KUALA LUMPUR: Foodie Media Bhd
has signed an underwriting agreement with Maybank Investment Bank Bhd (Maybank IB) for its initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia.
Foodie Media is principally an investment holding company, while its subsidiaries are involved in digital media publishing, key opinion leader (KOL) marketing, short-film drama marketing, affiliate commerce and campaign management services.
In a statement today, the company said the IPO comprises a public issue of 138 million new ordinary shares, representing 15.54 per cent of its enlarged issued share capital, and an offer for sale of 112 million existing shares, representing approximately 12.61 per cent of the enlarged issued shares upon listing.
Pursuant to the underwriting agreement, Maybank IB will underwrite 59.4 million new shares to be made available for application by the Malaysian public and eligible persons in connection with the IPO.
Foodie Media chief executive officer Nicholas Lim Pinn Yang said the agreement reflects the company’s progress in transforming itself into a regional digital media group and positions it strongly as it takes the next step towards becoming a listed company on the ACE Market.
"The IPO will provide us with the necessary resources to strengthen our technological infrastructure and scale up our production capabilities. As we continue to grow, our focus remains on engaging with audiences and businesses across the region,” he said.
Maybank IB is the principal adviser, sponsor, sole placement agent and sole underwriter for Foodie Media’s IPO exercise. - Bernama
